What Property is Considered as a Heritage Home and What are the Perks?

What Property is Considered as a Heritage Home and What are the Perks?

  • British Columbia
  • Community
  • Real Estate
April 1, 2021

Heritage homes always had a unique identity in the province of British Columbia. Not only are these heritage homes cherished by the government, but we also always see them reported on the news. This leads to the question why some property should be recognized as a heritage home and what value does it bring to the City?

According to the Real Estate Board, to be considered as a heritage home, the property must be older than 60 years regardless of the condition of the property to be qualified for a merit assessment. “Heritage isn’t just about age, it’s about authenticity. The real value is in a property that’s retained its original character, as well as its importance in the history of a place”. The home should be kept in its original state and it should have a unique design/history at the time its built.

Homes qualified for heritage homes designation are divided into classes and the highest category require municipal approval to be altered. The higher the classes the greater the historical value it holds. Most of the time when alternation is permitted, it is only for the interior. The visual significance is retained to maintain its historical value.

There are also heritage neighborhoods such as the First Shaughnessy Conservation Area, Steveston Village Conservation Program, and Queen’s Park Heritage Conservation Area. Each municipality have an official heritage register where you can locate where these properties are.

Municipalities provide incentives for owners maintain and developer to retain heritage homes.

  • Vancouver has transferable heritage density bonuses including increased density and height.
  • Vancouver permits increased density in First Shaughnessy (West 16th to West 25th and Arbutus Street to Oak Street) for homes listed on the Vancouver Heritage Register. Property owners can develop multi-unit buildings with secondary suites or coach houses and infill buildings; and
  • Burnaby has a range of incentives, as does Delta (provides up to 50% of the capital costs of restoration up to $15,000 max for heritage register properties), Coquitlam, New Westminster, and other municipalities.
  • Municipalities also offer legal, written agreements negotiated between a property owner and a municipality to provide non-financial incentives to help owners to conserve a heritage property.

We hold great value for heritage home as they represent the history that leads to today’s society. They are representation of our culture and offer great tourism value. Retaining these building helps us be proud of who we are living in the province of British Columbia. The government is doing everything it can to keep these building alive. Redeveloping heritage site is more challenging than regular properties due to regulation, but at times the value for redeveloping it exceeds its historical value.

Yoyoe Lu

Founder and managing principal

Yoyoe is the founder and managing principal of Claridge. She was ranked one of Vancouver’s top real estate agents. Currently, Yoyoe is our strategic mind leading the team to success. Her affiliation with industry professionals put her ahead of our competitors. Yoyoe is also part of the Rotary Club of West Vancouver, Canadian Homebuilders Association, Urban Land Institute and Urban Development Institute.

Ashley Osborn

Development Site and Investment Specialist

Ashely is our lead land and investment advisor. He has been consistently featured in the annual top 100 real estate deals of British Columbia ranking. With over $15 billion worth of domestic and international real estate investments under his belt, Ashley is one of the top agents in the province. His 20 years of real estate and financial experience make him a master in negotiation and acquisition.

Patricia Wong Chong

Investment and Leasing Specialist

Patricia is our investment and retail leasing advisor. Her experience in brokerage and market research analysis has helped her comprise over $550 million in commercial real estate transactions. Patricia is responsible, detail-oriented, and professional. Her strong work ethic and positive attitude have led her to surpass all her competitors.

Schumann Li

Land Assembly & Residential Specialist

Schumann is a top-producing realtor in the Lower Mainland with more than 30 years’ experience. Over the years, Schumann hasn’t just garnered awards, but the trust of countless customers. Her clients continually refer to her outstanding professionalism, work ethic and poise.

Wendy Kaip

Sales Associate

Whether it’s decoding city policies, strategizing relocation plans, home sellers looking for a trustworthy advisor to unlock their property’s maximum potential- Wendy is here to help every step along the way.

Prior to real estate, Wendy spent over a decade in the mining industry with her attention to detail, keen negotiation skills, extensive network and strong reputation for getting the deal done, bringing endless value to her current real estate clients.

Whether you are thinking about selling to a developer, or have more questions about commercial real estate, Wendy invites you to connect, to see how she can utilize her expertise and team to help create value and maximize your real estate goals.

Simon Chan

Managing Broker

Simon is the managing broker of Claridge Real Estate Advisors Inc. His expertise has helped our agents resolve many difficulties. Not only is Simon knowledgeable with real estate legislation, but he is also very detail orientated. With Simon on our team, our agents are confident to conduct businesses and will always get the support they need to ensure they’re not walking on dirty water.

Frank Zhou


As the analyst of the company, my key job is to help brokers to find marketable clients and locate feasible development sites by collecting and analyzing up-to-date market transaction data and conducting target market and property-level research. Meanwhile, I am also in charge of maintaining the company’s property database to ensure accuracy and comprehensiveness and continuously upgrading the level of knowledge by staying up to date with hot topics, and market trends, and incorporating findings into everyday work. Before joining the company, I worked for CR Group as a real estate investment manager, focusing on capital raising, equity and debt financing, acquisition and renovation. I hold 2 master’s degrees, one in Housing Management and the other in Economics.