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Urban Zoning, Politics and Property Values

Previous abstracts in this series:

·       Historical Average Size of Homes – posted 9 September 2011

·       Technological Intensity of Homes – posted 12 September 2011

·       Property Sizes in the Urban Setting – posted 26 September 2011

·       Transportation Infrastructure and Property Values – posted 3 October 2011

·       Light Rail Transit and Property Values – 16 October 2011

In the last abstract in this series, Conway Fung Homes discussed “clean, green” transit systems in context of Ottawa’s plans for a light rail transit system, verifying that proximity to transit increases property values, in some cases substantially.

In this abstract we discuss municipal zoning and the effects that this can have on property values and, by extension, the politics of urban development.  This topic is coming up repeatedly with Conway Fung Homes’ clients who are seeking development properties for real estate investments.  This is usually a story of the eager investor seeing a “higher and best use” for the land, in their view, that is not in conformity with current municipal zoning provisions.  Frustration often results and questions like “what is the problem anyway” are often presented to us.   Some investors are being pushed to conform, while others sell properties to other investors willing to conform to the zoning requirements....READ MORE