A review of Cochrane’s accessory (rental) suites bylaw might pave the way for more rental unit options in the community.
The town held an open house Nov. 3 to discuss the current bylaw and give the public a glimpse of the proposed amendments.
While the bylaw amendments primarily deal with increasing the size of side yard or separate entrance access, development officer Nicole Tomes said the open house was also an opportunity to discuss the maximum allowance of accessory suites per neighbourhood. Currently rental units can only comprise 10 per cent of the development.
According to the town, there are 122 approved permits for rental suites in Cochrane. The highest concentrations are in Sunset Ridge (21 suites) the East End (17 suites); Bow Ridge (13 suites); Glenbow (12 suites); and Heritage Hills (11 suites).
The East End, which stands at 5.6 per cent of capacity, has the highest rental suite to housing ratio in town
Tedi Lockwood and business partner Michael Fedun of Final Cut Creations, a renovations company, said more people are looking to develop rental suites, which was why they attended the open house.
“I think people are becoming more creative with paying their mortgages,” said Lockwood, who will be moving to Cochrane next spring and plans to develop her basement as a rental suite in her Sunset home.
“That’s why this is a good time to be talking about this,” said Tomes. “There are no communities bumping up at the edge of that (10 per cent) restriction.”
John Thomson, who works out of Kidder and Company Real Estate and Property Management Ltd. and a realtor for 13 years, said there is a lot of interest for rental suites from homebuyers.
Typically, rental units are considered a great way to offset mortgage costs – although from Thomson’s perspective he is unsure whether the economic downturn will result in more of his clients looking to add accessory suites.
Thomson added that the apartment-style condominium segment of the real estate market has suffered the most, but that Cochrane is still seen as a desirable location due to its proximity to both Calgary and the mountains. The single-detached market in Cochrane has also not taken the hits that perhaps other Alberta communities have.
