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.
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.
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.