In real estate, the one thing everyone says is, "Location, location, location". Location is very important, it's true. There's a difference between North side and South side, West side and East side, Shaughnessy homes and values are different versus Dunbar properties and that of Kitsilano or Kerrisdale. But these days, especially when we talk about real estate in the Greater Vancouver area, I believe that lot size and zoning are equally important when buying and selling your home.
Your property's location and zoning will determine the type and size of home you can build, and in today's market, when laneway homes, in-fill housing, and secondary basement suites are allowed to be built in addition to the main house, zoning is extremely important!
If you are selling your house, look at its zoning and do your own research as to what is allowed by the city. Take a good, close look around your neighbourhood to see what newer homes look like, and look at the allowable square footage of the new home.
If you have the resources, you may also want to contact an architect to draw up some plans, to show potential buyers what your home could like like, once these plans are approved. This will save potential buyers and possibly even developers, the trouble of having to do this themselves. This extra time and effort on your part could be well worth it when you are selling your home.
If you are buying a single detached home, look at the ZONING!!! If you can see a home's potential, you could just be sitting on CameLOT!
I've seen properties in the Vancouver real estate market sell for more because the sellers took the time to do this extra work. So though location is important, yes-- it's true, I believe that lot size and zoning is also equally important!