Vancouver’s growing housing costs are outstripping income increases in the city.
city of vancouver
There’s been a lot of media coverage on “house flipping” in Vancouver, and quick sales are common in many real estate markets.
Local land-use regulations inhibit the building of new homes, contributing to price increases.
In neighbouring Burnaby, it takes almost five months less for typical housing development projects to receive a greenlight from city hall, and costs approximately $20,000 less in compliance fees per new dwelling unit.
A recent study found that 70 per cent of detached homes listed in Vancouver’s West Side went to Mainland Chinese buyers. But is this a problem?
Ontario cities like Brampton and Milton rank better than most of their peers in terms of regulation—and share some of Canada’s largest jumps in population.
The City of Vancouver is the only municipality in B.C. that can directly take on debt without permission from the provincial and regional governments. Perhaps not surprisingly, it is also the only municipality in the Metro region with liabilities (debt, employee pension obligations, etc) consistently greater than financial assets (cash, investments, etc).
With housing prices at an all-time high in Vancouver, there was a lot of buzz about the interim report of the Mayors Task Force on Housing Affordability. While the Task Force acknowledged the need to streamline and create more certainty and clarity in the regulatory process, the City of Vancouver will need to significantly reduce land-use restrictions and the regulatory burden on developers to truly help make housing more affordable.