Category: Uncategorized
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City of Vancouver records downward trend in building permit processing times
City of Vancouver has seen a decrease in building permit processing times due to new measures. Home renovation permits now take 23 days, down from 44 days in 2023. Processing time for new-build single-family houses is now 33 weeks, a 25% increase in speed. Commercial renovation permits are processed 45% faster at 32 days. The…
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Vancouver Sets Goal of 83,000 New Home Approvals by 2033
The City of Vancouver disagrees with the provincial government's method of tracking new housing supply. Vancouver prefers tracking approvals (when permits are granted) instead of completions (when homes are built).
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Vancouver Slips in Global Liveability Rankings
The liveability index shows Vancouver dropping from 5th to 8th place, attributing this decline to the housing shortage. Vancouver's overall livability score was 96.6 out of 100.
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Land Deals in GVA on Hold as Developers Remain Cautious
Land sales in Metro Vancouver are slow due to high financing costs and developers waiting for better deals. Developers are looking for land priced well below market value to account for potential future difficulties.
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Federal government invests in 4894 affordable homes in Vancouver
The federal government announced over $197.2 million in funding through the Affordable Housing Fund to build and repair 4910 affordable homes in Vancouver. The funding includes a $22.8 million contribution and low-interest loan for the Ashley Mar Housing Co-operative, creating 125 adaptable homes with indoor and outdoor amenities. The Affordable Housing Fund supports projects prioritizing…
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Office space conversions on the rise in Vancouver
Vacancy rate in Metro Vancouver rises to 9.7% in the second quarter of 2024, marking a second consecutive increase. Vancouver's downtown struggles with a 10.8% vacancy rate, while suburbs have 8.4%. Office space under development decreased from 6.2 million to 1.1 million square feet, with a shift towards residential or hotel conversions mid-construction. National office…
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Vancouver Ranked Among Least Affordable Cities in the World
Vancouver has been ranked one of the least affordable housing markets in the world for the past 16-yr. The Demographia International Housing Affordability Report ranked Vancouver as the 3rd least affordable housing market, behind Hong Kong and Sydney.
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How The City Of Vancouver Can Speed Up Its Development Approval Process
Vancouver developers express frustration over slow rezoning applications and development permits approval process. The city has improved permit processing times for some housing types but struggles with multi-family projects. Developers propose merging rezoning and permit processes to expedite approvals. The city is considering concurrent processes to shorten timelines. New legislation permitting fees without rezoning may…
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Vancouver Real Estate Sees Record Inventory Surge
Greater Vancouver Real Estate’s predicted Spring boom looks like a bust, with minimal price movements in May.Home prices in Greater Vancouver ↑ 0.5% MoM and ↑ 2.3% yearly to $1.2M.