A 9-part series - District of North Vancouver’s new residential zoning rules.

Part 3 of 9: Could Your Next North Vancouver Home Be Three Storeys?

If the District is discouraging deep underground basements, where does that living space go?

Increasingly, the answer may be up.

Under the new residential zoning rules, a principal house can generally be designed with as many as three storeys, with the storey count including applicable basement and attic living areas.

Maximum overall height will generally be:

• 33 feet (10.1 metres) for a flat or very low-pitched roof

• 38 feet (11.6 metres) for a qualifying pitched roof

There are additional height controls toward the front and rear portions of a property intended to reduce the impact of taller homes on neighbouring properties.

The result could be a gradual change in the way new detached homes in North Vancouver are designed.

Rather than putting significant living space underground, future homes may make greater use of above-ground floors.

What does this mean for my property?

If you are considering rebuilding, don't assume your future home needs to follow the same basic shape as the house currently sitting on the lot.

A three-storey design may provide different options for bedrooms, family areas, views and multigenerational living.

But being permitted to build taller does not necessarily mean you can build a substantially larger house. Overall floor-area limits still apply.

Height, floor area, setbacks, slope and neighbouring properties all work together in determining what can actually be built.

And there is another potentially valuable opportunity under the new zoning — particularly for R2 properties.

Next week: Could You Build a 1,400 Sq. Ft. Coach House on Your Property?

This article is a general summary and is not intended as legal or planning advice. Property-specific requirements should always be confirmed with the District of North Vancouver.

Why Sellers and Buyers Often See Value Differently

When homeowners think about the value of their property, it is natural to start with what they paid, how much they have invested in renovations, or what a nearby home sold for last year.

Buyers tend to look at value very differently.

They are comparing your home with what else they can buy today.

That distinction is important.

A seller may be thinking:

• We paid $X for the home.

• We spent $150,000 renovating it.

• The neighbour sold for $X last year.

• We need a certain amount in order to make our next move.

All of those things matter personally and financially. But they do not necessarily determine current market value.

Buyers Compare — They Don’t Calculate Your Costs

When a buyer walks through your home, they are usually comparing it with the other properties they have recently viewed.

They are asking questions such as:

How does the location compare?
Is the home renovated or will it require work?
How functional is the floor plan?
What is the exposure and natural light like?
How large is the lot?
What condition is the home in?
How does the price compare with similar properties currently available?

In other words, buyers are not usually calculating what the seller has invested. They are deciding whether the home represents good value relative to their other choices.

Renovations Add Value — But Not Always Dollar for Dollar

Renovations can absolutely make a property more appealing and more valuable.

A thoughtfully renovated kitchen, updated bathrooms, new windows, improved mechanical systems or a well-designed outdoor space can all influence how buyers perceive a home.

But renovation costs do not automatically translate directly into resale value.

A seller may spend $100,000 on improvements without increasing the market value by exactly $100,000. Some improvements appeal to a broad range of buyers, while others are highly personal.

Condition, quality, design, timing and buyer demand all play a role.

Last Year’s Sale Is Not Today’s Market

Another common reference point is a neighbour’s sale.

Comparable sales are extremely useful, but context matters.

A sale from six or twelve months ago may have occurred under very different conditions — with fewer homes available, more buyer competition, different interest rates or different momentum in the market.

Even two homes on the same street can perform differently because of lot size, renovations, exposure, floor plan, view, parking, condition or location within the block.

The most relevant question is not simply:

“What did the neighbour sell for?”

It is:

“How does my home compare with the alternatives buyers have right now?”

Pricing Is About Positioning

A successful pricing strategy is not just about choosing a number.

It is about positioning your property within the current market so buyers see it as one of the strongest choices available in its category.

Price too high, and buyers may simply choose the competing property down the street.

Price appropriately, present the home well and market it effectively, and you create a much better opportunity for buyers to engage.

That is why we look at more than historical sales when evaluating a property. We also consider current competition, recent buyer behaviour, days on market, neighbourhood trends and how the home compares in terms of condition, layout, location and overall presentation.

The Market Ultimately Sets the Value

Sellers determine the asking price.

Buyers determine whether that price makes sense.

The strongest results tend to happen when those two perspectives are brought together — using good market evidence, realistic positioning and a clear understanding of what buyers are comparing.

If you are considering selling, understanding how buyers are likely to view your home can be just as important as knowing what similar homes have sold for.

The Bank of Canada has held its policy rate at 2.25%, bringing some stability as we head into the fall real estate market. But interest rates are only one part of the picture.

September often brings a little more energy back to the market as summer holidays wind down and people return to their regular routines. More activity, however, does not necessarily mean a dramatically different market.

For sellers: More buyers may return this fall, but they remain selective. Preparation, presentation and accurate pricing will continue to matter. Buyers need to see the value.

For buyers: Greater selection and less urgency can work in your favour. You may have more time to compare homes, complete your due diligence and negotiate thoughtfully. If the right property appears, waiting for rates or the market to change may not necessarily produce a better opportunity.

For homeowners thinking about moving: You don’t need to know exactly when you’ll make a move to start preparing. Understanding what your current home may be worth, what your next home could cost and what needs to happen before selling can make the eventual transition much easier.

Here in North Vancouver and across the North Shore, conditions can vary considerably by property type, price range and neighbourhood. A condo in Lower Lonsdale may be experiencing a very different market from a detached home in Lynn Valley, Edgemont Village or Deep Cove.

Rather than trying to predict the next interest rate move or the perfect time to buy or sell, we encourage clients to focus on the market we actually have and make decisions based on their own timing and goals.

September feels like a fresh start. Whether you’re planning to buy, sell or simply keeping an eye on the market, it’s a good time to get informed, get prepared and be ready when the right opportunity presents itself.

Wondering what today’s North Vancouver or North Shore market means for you? The Botto Team is always happy to help you look at the numbers and understand your options.

When there’s broader uncertainty—economic, political, interest rates, global events—it doesn’t eliminate demand. It recalibrates confidence.

On the ground, that shows up as:

· More cautious buyers
They take longer, analyze more and feel less urgency.

· Fewer impulsive decisions
The “I need to win this at any cost” mindset (2021–2022) fades.

· Greater price sensitivity
Buyers become more disciplined about value and comparables.

· Longer days on market
Not because homes aren’t desirable—but because decisions take longer.

Why the North Shore Still Holds Strong

The North Shore isn’t a speculative market—it’s a lifestyle-driven market.

People still want:

· Access to nature

· Strong schools

· Community feel

· Proximity to the city

That underlying demand doesn’t disappear. It pauses, reshapes and re-enters more thoughtfully.

So yes—homes are still selling every day. But they’re selling under different conditions:

· Well-priced homes → still move

· Well-presented homes → still attract attention

· Unique or scarce product → still performs strongest

The Post-COVID Hangover (2021–2022 Effect)

This is one of the biggest psychological factors right now.

That market was:

· Ultra-low rates

· Extremely limited inventory

· Emotion-driven bidding wars

· Speed over analysis

Today’s market is:

· Rate-aware

· Data-driven

· Choice-heavy (and growing)

· More balanced—or even buyer-leaning at times

The gap between expectation and reality is where friction lives.

Sellers remember peak pricing.
Buyers remember overpaying fears.
And both are trying to recalibrate.

What Actually Works in This Market

This is where your philosophy is spot on—and worth reinforcing:

A successful transaction today comes down to alignment:

· Timing: Does the move make sense for your life?

· Financial comfort: Can you carry it confidently?

· Product quality: Is the home desirable in today’s lens?

· Strategy: Is pricing and presentation grounded in today’s market—not yesterday’s?

When those line up, the market becomes far less intimidating.

The Long-Term Lens

Real estate—especially on the North Shore—is not a short-term trade.

If someone is:

· Buying and holding

· Making a lifestyle move

· Improving their day-to-day living

· Stepping into the right property for their needs

Then short-term market fluctuations matter far less.

Uncertainty creates hesitation—but it also creates opportunity for thoughtful decisions.

Bottom Line:

People still want to live on the North Shore—and that hasn’t changed. What has changed is how they’re making decisions.

We’ve moved from a fast, emotional market to a more thoughtful, measured one. Homes are still selling every day—but pricing, presentation and timing matter more than ever.

If a move makes sense for your life, your goals and your finances—and you’re focused on the long term—it’s still a very good time to buy or sell. The strategy just needs to match the moment.

Posted 5-year Mortgage Rates:

January 2025: 6.79%
January 2026: 4.56%

Savings per $100K per month: $130.69

2025 Year-End Market Insights

Bottom Line

For many buyers, especially financially qualified ones, the North Shore is currently a favourable market to buy because:

• Inventory is elevated and sales are below historical norms, creating buyer leverage.

• Prices have softened or stabilized compared with recent highs.

• Mortgage rates are more predictable and lower than in the past year.

• Forecasts suggest modest market improvement ahead, so buying before broad demand re-emerges may be advantageous.