VancouverIslandProjects.com

First time here? This site focuses on helping buyers buy newly constructed property in Victoria and on Vancouver Island. It updates frequently, so to avoid missing any new info, why not subscribe to my RSS feed.

The Victoria Times Colonist ran an article yesterday with a headline noting property owners were irked by “‘Heritage’ building status”.

The decision to add any real estate to the heritage list is usually a ‘hot potato’ issue. Once the real estate is added to the list, it means a property owner’s application for any kind of permit - such as a demolition permit or a permit to make changes - involves the added step of referral to an advisory committee for ’advice’. The owner is free to follow the advice, or not. Free, that is, unless or until the property has acquired ‘designated’ heritage status.

Once a property is ‘designated’ heritage, any work or change requiring a permit is subject to approval by Victoria City Council. Conditional approvals can involve costly steps to maintain and preserve the heritage aspects of the property, or have other significant business consequences for the owner. It’s easy to see why property values can be affected.

Designation is a significant step, involving public hearings and extensive negotiations with property owners. Two things can help to mitigate adverse consequences to the property owner. First, there is a mechanism in place by which property owners may be compensated for any reduction in property value as a result of designation. Second, designation of a property opens the door to apply for grants to assist with the costs of restoration or repair.

If you enjoyed this post, make sure you subscribe to my RSS feed!