New townhouses lock-in rental suites
November 20, 2020
Shaded portion show lock-off rental suite in new townhome project. | Formwerks
Secondary rental suites in detached houses are not new, but a Vancouver developer has moved the concept into the new townhouse market.
Formwerks Boutique Properties is developing two project with the rental suites, Toppen Ridge in North Vancouver and the Robinson in Coquitlam, after each city introduced zoning changes to allow lock-off units in new townhouse projects.
Lock-off units are smaller units inside a multi-family dwelling but with separate entrances, kitchens and bathrooms. The additional space can either be locked off and rented out or absorbed into the rest of the main home, but it is not considered a separate strata unit.
“Basically, it helps with affordability. It's also great for the COVID-19 era because it means that families can use the space for ageing parents, nannies or as a home office,” said sales and marketing director James McKenny. “A buyer can get a mortgage-helper if purchasing a unit with a lock-off studio. A young family can use their lock-off for income until they need the additional bedroom.”
Eight of the 34 units in the Robinson townhome project will have lock-off rental suites. Construction is expected start in January, with a delivery about a year later. Pre-sales are underway, with prices ranging from $869,900 to more than $1.1 million, according to Formwerks.
Formwerk’s North Vancouver project will complete in the summer of 2021, with the townhouses priced from approximately $940,0000.