Vancouver businessman seeks property owners for 'no risk' laneway homes

A Vancouver entrepreneur is looking for homeowners who are willing to lease him part of their backyards, so he can build affordable laneway rental homes.

See Full Article

Laneway homes are popular in Vancouver, a city known for its expensive real estate and limited space. More than 2,000 laneway homes have been built in the city since 2009. The small homes are typically built in people’s backyards or back laneways.

Local businessman Stephen Do is looking to expand on the idea, by building prefabricated laneway houses and renting them out to young tenants.

He told CTV Vancouver he has a design for a pre-fabricated 500 square-foot home that can be built for less than $100,000. Images of the home provided by Do show a home with a wood-panelled interior, modern kitchen and spa-like bathroom.

All he needs now is homeowners who are willing to lease out parts of their backyard. "I'm just looking for their contribution," he said.

Do's plan involves leasing the land from the homeowner, building the laneway house and renting it out at affordable rates. He estimates that the original homeowner will collect between $200 to $500 a month, but they can also buy the laneway house if they choose.

He has distributed thousands of flyers advertising his model. The flyer says the homeowner that leases their backyard will face "no risk." However, one real estate lawyer said that's not necessarily the case.

Lawyer Richard Bell said there's always a risk in these kinds of deals.

"Does the owner have the opportunity to approve any tenant that's going to be there?" he asked. He also noted that there are risks for the property owner if something were to happen to the financing during construction, and the laneway home couldn’t be completed.

"I'm really supportive of trying to come up with new solutions, but one has to be careful and make sure you're consulting with professionals,” Bell said.

Do says he doesn't expect to profit from the venture. Instead, he says he's only looking to help younger people in the city’s notoriously competitive housing market. He knows how difficult it is to enter the market, because he has three adult children himself.

"They've been complaining, they just said there's no way to catch up," he said.

With a report from CTV Vancouver's Mi-Jung Lee



Advertisements

Latest Economic News

  • Starbucks branches out Italian style with pizza bakeries

    Economic CTV News
    The American coffee chain, which aims to open 12,000 new outlets worldwide by 2021, is embarking on a whole new culinary adventure in 2017, branching out from coffee to pizza. As well as serving ethically sourced coffee and a host of other hot and cold drinks and snacks, Starbucks -- which aims to increase its global sales outlets by 50 per cent -- is now planning to open a line of standalone Italian bakeries. Source
  • BRP vows to remain in Mexico even if Trump pulls out of NAFTA

    Economic CBC News
    The maker of Ski-Doos, personal watercraft and off-road vehicles says it will maintain low-cost production in Mexico even if Donald Trump withdraws from NAFTA. BRP Inc. says it expects to take a $20-million to $25-million hit if tariffs are restored on more than $1 billion of goods traded annually between Mexico and the United States. Source
  • BRP vows to remain in Mexico even if Trump's withdrawal from NAFTA raises tariffs

    Economic CTV News
    MONTREAL -- The maker of Ski-Doos, personal watercraft and off-road vehicles says it will maintain low-cost production in Mexico even if Donald Trump withdraws from NAFTA. BRP Inc. (TSX:DOO) says it expects to take a $20-million to $25-million hit if tariffs are restored on more than $1 billion of goods traded annually between Mexico and the United States. Source
  • North American markets advance, loonie up slightly

    Economic CTV News
    TORONTO - The Toronto stock market advanced in late-morning trading, led by health-care, utilities and energy stocks. The S&P/TSX composite index added 31.90 points at 15,327.10. In New York, the Dow Jones industrial average advanced 40.85 points to 19,655.66, while the S&P 500 gained 6.02 points at 2,252.21 and the Nasdaq composite rose 27.18 points at 5,444.53. Source
  • Sears Canada reports $120 million loss in third-quarter as revenue drops

    Economic CTV News
    TORONTO -- Sears Canada saw its third-quarter loss grow to $120.0 million from $53.2 million during the same period last year as revenue declined. The loss amounted to $1.18 per share, compared with 52 cents per share a year ago. Source
  • Coca-Cola CEO Muhtar Kent to step down next year

    Economic CTV News
    NEW YORK -- Coca-Cola said Friday that CEO Muhtar Kent will step down as CEO next year and be replaced by Chief Operating Officer James Quincey. The world's largest beverage maker is under pressure to grow as people around the world drink less soda, including its flagship Coke. Source
  • U.S. airlines may soon let you talk on your cellphone in flight

    Economic CBC News
    Airlines could let passengers make in-flight phone calls using Wi-Fi under a proposal from federal regulators. Flight attendants and others have complained that the calls could be disruptive. But the Department of Transportation said Thursday that it envisioned allowing the calls if airlines tell all customers about the policy when they buy their tickets. Source
  • Tribes suing over Dakota Access pipeline willing to put claims on hold

    Economic CTV News
    BISMARCK, N.D. -- Two Sioux tribes suing over the Dakota Access pipeline say they're willing to put their claims on hold while the Army considers whether to allow the pipeline to cross under a Missouri River reservoir in North Dakota. Source
  • Japan ratifies Pacific trade pact despite Trump plans to withdraw U.S.

    Economic CTV News
    TOKYO -- Japanese Prime Minister Shinzo Abe won parliamentary approval Friday for ratification of the Trans-Pacific Partnership, despite U.S. President-elect Donald Trump's plan to withdraw from the 12-nation trade pact. Upper house lawmakers approved the TPP on Friday, heeding Abe's calls to push ahead with it despite Trump's rejection of the free-trade initiative championed by President Barack Obama. Source
  • Asian shares stumble as European Central Bank rally fades

    Economic CTV News
    KUALA LUMPUR, Malaysia - Asian shares meandered Friday as an overnight rally in U.S. markets helped by the European Central Bank's decision to extend its bond-buying economic stimulus program faded. South Korea's benchmark slipped as lawmakers prepared to vote on whether or not to impeach President Park Geun-hye. Source