Vancouver

“No Good News” on “Throttled” Vancouver Housing Supply

By
REW.ca
September 13, 2017






Vancouver Aerial

Zero new and completed townhouses or concrete condos available for sale in the city, finds report

Vancouver’s supply of new multi-family housing continues to be “throttled,” with not one new, move-in-ready concrete condo or townhome available within the city limits, according to the latest quarterly State of the Market report from the Urban Development Institute, released September 12.

The report, prepared for the UDI by research group Urban Analytics, also found that even outside of Vancouver proper, completed and unsold inventory is at record lows, with just 23 move-in ready new concrete condos for sale in the whole of Metro Vancouver, as of 2017’s second quarter.

UDI SOM Q2 #1

UDI SOM Q2 #2

Urban Analytics also found that the availability of presale (not yet completed) multi-family homes reached a seven-year low in the second quarter, with 1,446 condos and 496 townhomes available for presale across the entire Metro region.

UDI SOM Q2 #3

Unsold attached home supply in the presale/under-construction phase has plummeted by 80% across Metro Vancouver from over the past four years, from 9,858 unsold units in the second quarter of 2013, to 1,942 units at end of Q2 2017.

Anne McMullin, UDI president and CEO, said, “Any home seeker knows we don’t have enough choices for them, in either new homes or resales. Various independent and academic studies have proven supply is being throttled by restrictive single-family zoning policy and delays in permitting.

“Just this month, a developer had to cancel a building project due to permit delays that led to financing cancellation. If municipalities need more resources to process building applications faster, let’s make that happen.

“I can’t find any good news in this report.”

Read the full Q2 2017 State of the Market report


Joannah Connolly has been editor and content manager of REW.ca since May 2014. Joannah has appeared on major local TV outlets as a real estate commentator, and has moderated and spoken on several industry panels. During this time, she also spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio 98.3FM. A dual Canadian-British citizen, Joannah has 20 years of journalism experience in Vancouver and London, with a prior background in construction, architecture and business media.
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