Developers aren’t building, despite the housing shortage, because it’s gotten too expensive
“Development permits in Metro Vancouver have dropped nearly 12 per cent compared to the first half of the year as developers face an unaffordability crisis,” says Anne McMullin, CEO of the Urban Development Institute.
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It’s a startling fact considering the the housing crunch the region is experiencing.
“The housing crisis cannot be solved unless building costs come down,” McMullin said,
It’s a statement pointed at a variety of levels of government that have the ability to change the equation to reduce financial risk and ensure appropriate returns on investment can be realized.
”Without those changes, homes won’t be built,” adds McMullin.
The UDI has publicly urged the B.C. government to take three critical steps that McMullin says will make a difference, to “implement grandfather provisions on development charges, defer development charges payment until occupancy, and adopt a municipal services corporation model.”