New laneway house in a neighbourhood
New laneway house in a neighbourhood - Business, Law & Society - Collins Maina Having a laneway house next door can significantly decrease the value of your Vancouver home, depending on where you live, according to a new UBC Sauder School of Business study. Researchers found the presence of a laneway house within 100 metres of a property on the West Side of the city was associated with a 2.8 per cent lower sale price on neighbouring properties. Neighbours immediately beside a new home with a laneway house experienced an even deeper dip, selling for 3.8 per cent less, on average, than those beside new houses with a garage but no laneway home. And in more affluent areas, having a nearby laneway house translated into a whopping 4.7 per cent drop in value. On the other hand, in East Vancouver, the impact was almost zero. "The overall effect is around 2.8 per cent, but that's because the effect is so much larger at the high end. In many areas the effect was much smaller," says UBC Sauder associate professor and study co-author Dr. Tsur Somerville (he, him, his) .
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