In a shocking new report by Re/Max, the dream of owning a detached home in Metro Vancouver is quickly becoming a rare phenomenon, often dubbed as "more of a unicorn." Christopher Alexander, president of Re/Max Canada, revealed the stark reality: “What we found was that the single-family detached is becoming more and more of a unicorn.” This statement underscores a troubling trend where home ownership seems increasingly out of reach for the average person.

The report highlights a staggering nearly 38% surge in the value of detached homes from 2019 to 2023, making home ownership a distant aspiration for many. Alexander attributes this alarming rise to various factors, including densification and gentrification, both of which are fueling escalating prices in the housing market.

As the government implements new provincial regulations promoting higher density living, experts predict that the supply of detached homes will continue to dwindle. Recently, an increase in signs advertising "land assembly opportunities" can be seen in neighborhoods adjacent to transit hubs. These signs reference new zoning laws that permit the construction of multiple housing units on land that was previously designated for single-family homes.

Tim Hill, a Vancouver-based real estate advisor, elaborated on the implications of these changes, saying, “As we knock down those older homes that are in a more affordable price range compared to brand new constructions in the area, this inevitably leads to a lower supply for potential home buyers.”

The geographical constraints of British Columbia compound the issue. Tsur Somerville, a housing economics professor at the University of British Columbia, pointed out the challenges of urban sprawl in the region, stating, “B.C. is a challenging place to do a sprawl because we've got mountains and water, which limits expansion options.” Instead of spreading outward, Somerville advocates for building upwards to accommodate the growing population.

As the market shifts, the landscape for single-family housing is increasingly favoring wealthier buyers, driving the price of these homes even higher. This creates a troubling dichotomy: while affordable housing options may be on the rise, single-family homes are becoming less accessible to the average family.

Burnaby Mayor Mike Hurley expressed concerns regarding the lack of balance in the province's housing policies. “I think the signal from the province is that detached homes are on the way out,” Hurley told CTV News. He emphasized that while Burnaby has been proactive in construction, it must be done in a systematic and organized manner.

As more families find themselves priced out of the detached housing market, the pressure mounts on policymakers to create sustainable solutions. The question remains: will the trend towards multi-unit living alleviate the crisis, or will it further entrench socio-economic divides in the housing landscape of Metro Vancouver? Only time will tell, but the urgency for change is clear.