Close X
Thursday, October 31, 2024
ADVT 
National

Experts See Some Relief For Vancouver's Tight Housing Market By Late 2018

Darpan News Desk The Canadian Press, 07 Nov, 2017 11:38 AM
    VANCOUVER — A real estate association watching Metro Vancouver's tight and costly housing market predicts conditions should begin to ease by the third quarter of 2018.
     
    The British Columbia Real Estate Association says home builders are responding to a lack of available homes across the region by dramatically increasing multi-family housing starts.
     
    Starts across Metro Vancouver surged 40 per cent to 22,700 units in 2016, while the report says an estimated 19,700 multi-family homes were started so far this year, and a further 19,000 units are forecast in 2018.  
     
    The association's report says data on estimated completion times of the developments suggests available suites in new apartment projects should rise from fewer than 4,000 units per quarter in 2016 to about 6,000 by late next year.
     
    Most of the units are pre-sold, but the report says renters who are buying homes will free up needed rental suites, while owners moving to new units will bolster a scarce supply of housing as their former properties go on sale.
     
    The study says a surge in multi-family completions isn't the only solution for housing affordability in Metro Vancouver.
     
    But it says a significant increase in the supply of homes can help keep a lid on climbing rents and house prices.

    MORE National ARTICLES

    Navdeep Bains Says Federal Government Will Consider Legislation To Protect Employees'

    Navdeep Bains Says Federal Government Will Consider Legislation To Protect Employees'
    "This is a legitimate issue and a legitimate challenge," Bains said Wednesday, adding that the government is "very mindful" of the fact that bankruptcy "could happen at any time with any company."

    Navdeep Bains Says Federal Government Will Consider Legislation To Protect Employees'

    Vancouver Housing Market Remains 'Highly Vulnerable': CMHC

    Vancouver Housing Market Remains 'Highly Vulnerable': CMHC
    Canada Mortgage and Housing Corp. says the country's housing markets remain "highly vulnerable" with evidence of moderate overvaluation and price acceleration.

    Vancouver Housing Market Remains 'Highly Vulnerable': CMHC

    Halifax Councillor Shawn Cleary Says He Won't Use The Word 'Marijuana' Because It's Racist

    Coun. Shawn Cleary said a police officer he works with on a cannabis legalization task force recently brought it to his attention that the term has a racist history.

    Halifax Councillor Shawn Cleary Says He Won't Use The Word 'Marijuana' Because It's Racist

    Not Up To Premier To Dictate How Catholic Schools Teach Sex Education: Jason Kenney

    Alberta Conservative Party leadership candidate Jason Kenney says it's not up to Premier Rachel Notley to dictate how sex education is taught in the Catholic school system.

    Not Up To Premier To Dictate How Catholic Schools Teach Sex Education: Jason Kenney

    Forecasters Call For Cool, Dry Halloween Across Much Of The Country

    Forecasters Call For Cool, Dry Halloween Across Much Of The Country
    TORONTO — Forecasters say the relatively cool, stable weather conditions expected this Halloween will feel like a particularly festive treat coming on the heels of a tumultuous week in much of the country.

    Forecasters Call For Cool, Dry Halloween Across Much Of The Country

    Vancouver Police Seek Witness To Baseball Bat Beating In The Downtown Eastside

    Vancouver Police Seek Witness To Baseball Bat Beating In The Downtown Eastside
    Investigators would like to speak with a motorcyclist who witnessed an assault in the Downtown Eastside. 

    Vancouver Police Seek Witness To Baseball Bat Beating In The Downtown Eastside