Category Archives: supply

Record construction with falling prices

Mo’ houses, mo money?

Canada Mortgage and Housing (CMHC) reported that Metro saw developers start construction on 28,141 new homes in 2019, up 20 per cent from 2018, with a substantial number of those, some 6,727, purpose-built rental units.

The CMHC report came out on the same day that Royal LePage released its latest house-price survey showing that aggregate home prices across the region declined 4.8 per cent in the fourth quarter of 2019 but in a market showing signs of recovering sales.

Read the full article here.

Good citizens keep their homes empty

Vancouvers empty home tax is bringing in some decent coin – almost $40 million in 2018.

If you believe in a vibrant vancouver and want to do your part to support it, you can own a home here and keep it empty – that extra tax income goes to support affordable housing and rent protections.

If you really want to go the extra mile, don’t report your empty home: Audits raises $22.1 million in taxes and fines from empty home owners.

Read more here.

How’s them development permits?

An anecdote from southseacompany:

Post from one of my LinkedIn connections;

“Lead indicators … Vancouver’s Development Permit Board reviews major project applications. Their agenda looks rather empty. ”

July 22, 2019 – Cancelled
August6, 2019 – Cancelled
September 3, 2019 – Cancelled
September 16, 2019 – Cancelled

“When I served on the DPB (1999 -2002) we commonly had 3 to 4 items on the agenda EVERY two weeks.”