Contents 9 sections
Not on Vancouver’s assessment rolls, so far. In October 2023 the City let most house lots hold a multiplex. Lots big enough to use it and lots too small for one moved together. On the 2026 roll, land on lots that could take a multiplex was down 2.4% from the 2023 roll. Land on lots too small for one was down 1.4%. Within the same neighbourhoods, the gap was under half a percentage point. That is a different result from Chicago, where upzoned lots rose 15% to 23%.
What we found
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−0.4
Percentage points: how much less the land on Vancouver lots that gained multiplex rights changed than land on lots too small for one, 2023 to 2026 rolls, compared within each neighbourhood. Before the rezoning, the gap was +0.4.
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−2.4%
Change in assessed land value of Vancouver lots big enough for a multiplex, 2023 roll to 2026 roll. Median of 55,295 lots.
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−1.4%
Change for lots too small for a multiplex over the same years. Median of 6,133 lots.
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−3.3%
Change for the widest lots, which gained the most: room for six homes, or eight rentals. 13,805 lots.
- Big enough for a multiplex (55,295 lots)
- Too small for one (6,133 lots)
| Roll | Big enough | Too small |
|---|---|---|
| 2020 | 73.6 | 71.8 |
| 2021 | 80.9 | 80.7 |
| 2022 | 94.9 | 94.1 |
| 2023 | 100 | 100 |
| 2024 | 103.9 | 103.8 |
| 2025 | 104.3 | 104.1 |
| 2026 | 97.6 | 98.6 |
T-City analysis of City of Vancouver open data: property tax reports 2020 to 2026 and parcel polygons. 61,428 lots zoned RS, then R1-1, on every roll. “Big enough”: at least 10 m wide and 306 m², the R1-1 minimum for three or four homes. Each roll values land at July 1 of the year before
Does upzoning increase property value?
Often, yes, at least at first. Upzoning means allowing more homes on a lot. The best-known study is from Chicago. Yonah Freemark found that lots upzoned near transit sold for 15% to 23% more. Five years on, they had no extra new homes. His 2023 review of the research found a similar pattern in many places. Auckland, New Zealand, is the main counter-example: its upzoning was followed by many more new homes.
Vancouver is a clean test. It rezoned almost every house lot to R1-1 on the same day, October 17, 2023. And BC Assessment values land at its best legal use. If the new rights made land worth more, the assessment rolls should show it.
Did it happen in Vancouver?
Not yet. Both groups of lots rose about 4% on the 2024 and 2025 rolls, then fell on the 2026 roll as the market cooled. They moved almost exactly together.
- Gained multiplex rights
T-City analysis of City of Vancouver open data: property tax reports and parcel polygons. Bars show the size of the drop. Thresholds from the R1-1 District Schedule: 10 m and 306 m² for 3 or 4 homes, 13.4 m and 464 m² for 5, 15.1 m and 557 m² for 6
The widest lots gained the most new rights, and they fell a little more. But they were already rising more slowly before the rezoning. From the 2021 to the 2023 roll, they grew 16% while smaller lots grew 24%. The rezoning didn’t change that trend.
Why didn’t land values jump?
We can’t prove the reason, but three fit the data:
- The numbers are tight. Land and build costs are high, so the right to build a multiplex isn’t worth much more if it doesn’t pay
- Lots already had options. Duplexes, suites and laneway houses were allowed before 2023
- Assessments follow sales. BC Assessment sets land values area by area. In 10 of 17 assessment neighbourhoods, both groups moved by the same percentage, to a tenth of a point. A premium only shows up once buyers pay one
Only about 1 lot in 184 has a multiplex permit so far. See how many single-family homes Vancouver has and the multiplex map.
Is my lot worth more now that I can build a multiplex?
On your assessment, probably not. It moved with your neighbours’ lots, wide or narrow. To a builder, it can be. A 50 ft lot that fits six homes may be worth more to them than a 33 ft lot next door that fits four. It depends on what the project costs and sells for. See what new Vancouver homes sell for.
How we checked
We used the City of Vancouver’s property tax reports for seven rolls, 2020 to 2026. We kept the 61,428 lots zoned RS (then R1-1) on every roll, held as one title. Each roll values land as of July 1 the year before. BC Assessment records zoning as of October 31, so the 2024 roll is the first one under R1-1.
We measured each lot’s area and width from the City’s parcel maps. Lots at least 10 m wide and 306 m² could take a multiplex (we allowed 10 cm for mapping error). Smaller lots couldn’t, and they are the comparison group. We compared each lot with its own 2023 value, then compared the two groups inside each of BC Assessment’s 17 neighbourhoods, weighted by lots. We set the method before looking at the result.
- Assessments aren’t sale prices. They are BC Assessment’s estimates. Sales data might show more
- Our widths come from lot shapes, not surveys. A few corner or odd lots will be in the wrong group
- Three years is early. Chicago’s study looked at five
What it means if you own a lot
- Don’t count on the rezoning to lift your price. On the rolls, it hasn’t yet
- What your lot can hold still matters to a buyer who builds. Width and size set how many homes fit
- Know your options before you sell or build. We run the numbers for free. See our Vancouver building rules or book a lot feasibility study
Sources
Every outside figure traces to one of these pages, all opened on November 6, 2026. T-City’s own analysis uses the City of Vancouver open datasets. Rates and fee schedules change, so we recheck them for your lot during feasibility.
- City of Vancouver Open Data: Property tax report (2020 to 2026 rolls)
- City of Vancouver Open Data: Property parcel polygons (lot size and width)
- Vancouver R1-1 District Schedule (June 2026)
- BC Assessment: Valuation date and physical condition date
- Yonah Freemark: Upzoning Chicago, Urban Affairs Review (2019)
- Yonah Freemark: Zoning change, Journal of Planning Literature (2023, pre-print)
- Greenaway-McGrevy and Phillips: The effect of upzoning on housing construction in Auckland
