The amount of residential construction in Metro Vancouver remained high, but wavered little between 2021 and 2022, according to new data from the Canada Mortgage and Housing Corporation. In a housing supply report published Wednesday, the Crown corporation said work on 25,983 new units began last year, down 30 units from the 26,013 recorded in 2021. Overall, Metro Vancouver saw…
Real estate companies say cost concessions will need to be made if they are to do everything they can, as quickly as they can, to help alleviate the province’s housing crisis. More than 1,200 people, including developers, building owners and investors attended the Vancouver Real Estate Forum on Wednesday. Topics of discussion included rising construction and labour costs, post-pandemic building-use…
The Union of BC Municipalities (UBCM) has kicked off its two-day housing conference, one day after B.C. Premier David Eby laid out a multibillion-dollar housing plan for the province. More than 500 participants, including municipal and provincial politicians, have registered in the ‘HousingBC Summit,’ which will explore regulation of short-term rentals, local financing opportunities, rezoning, supply-boosting, speculation challenges, housing partnership…
Home construction in British Columbia will need to rise to unprecedented levels to offset the impact of record immigration on the housing market, the B.C. Real Estate Association said in a new report on Tuesday. The province must build 25 per cent more new homes than usual for the next five years to address deteriorating housing affordability, the association said…
British Columbia’s latest budget has earmarked billions of dollars in new spending to tackle the province’s housing crisis, but the very same document shows the province is falling behind when it comes to getting shovels in the ground. Estimates in the NDP’s latest three-year fiscal plan showed 46,721 new housing starts in B.C. last year, but projected a 16.5-per cent…
At the end of his day, Lucas Philips drives to his home overlooking Spanish Banks Beach in Vancouver, near some of the most expensive real estate in Canada. He climbs out of his black Tesla and soaks up what he calls his “million-dollar view.” But Philips is no wealthy property owner. His home is a Vanguard campervan berthed in a…
The latest round of B.C. property assessments was released Tuesday, and for most homeowners, the assessed value of their property has climbed by five to 15 per cent. That’s despite a softening market with sales and prices sliding amid repeated interest rate hikes last year. The annual property assessments are based on valuations taken the previous July, and BC Assessment’s…
