{"id":18031,"date":"2021-06-09T10:10:00","date_gmt":"2021-06-09T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18031"},"modified":"2021-06-04T15:06:47","modified_gmt":"2021-06-04T22:06:47","slug":"vancouvers-affordability-woes-amplified-by-supply-shortage","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/06\/vancouvers-affordability-woes-amplified-by-supply-shortage\/","title":{"rendered":"Vancouver&#8217;s Affordability Woes Amplified by Supply Shortage"},"content":{"rendered":"<p style=\"text-align: justify;\">An Oxford Economics report recently bestowed upon Vancouver the dubious honour of being North America\u2019s least affordable city, and according to a local real estate professional, that won\u2019t change unless wholesale investment is made to increase the city\u2019s housing supply.<\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s population grew by 0.98% to 2,581,000 last year, an increase of about 25,294 people, but the city intends to add 1 million new residents by 2050, or 34,482 annually over the next 29 years. Resultantly, says Jacky Chan, president of BakerWest, a real estate sales and marketing firm, housing supply needs to catch up, and fast, although he doesn\u2019t see how it will.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re expecting something in the neighbourhood of 200,000 people over the next five years, but we\u2019re only completing 11,000 homes a year,\u201d Chan told CREW. \u201cThat would be the equivalent of fitting around 18 people into every new home that\u2019s built to offset the population influx, so obviously if supply doesn\u2019t catch up to demand, there\u2019s no way for prices to go but up.\u201d<\/p>\n<p style=\"text-align: justify;\">Supply and demand disequilibrium invariably, and consequently, puts upward pressure on the cost of housing. Historically low-interest rates have catalyzed a flurry of purchasing activity in the Vancouver real estate market and that, too, is pushing up the price of homes. RE\/MAX data showed that the average sales price of a Vancouver home in 2020 increased by 11.4% to $1,270,000 from $1,140,000 in 2019, and an additional increase of 4% to $1,320,800 is expected this year.<\/p>\n<p style=\"text-align: justify;\">\u201cVancouver\u2019s new home construction has been softer over the course of 2020, with it being stronger over the past four months, benefitting from the seller\u2019s market,\u201d said a RE\/MAX report released in December 2020. \u201cNew-construction homes in Vancouver are on the high end in terms of prices. The new-construction market in Vancouver has been firming up over the past couple of months, so overall the housing market has been stronger. This is expected to continue into 2021.\u201d<\/p>\n<p style=\"text-align: justify;\">Canada Mortgage and Housing Corporation figures showed 21,141 housing starts in Vancouver in 2019 and 22,371 last year, however, according to statistics from B.C. Housing, there were only 950 new homes registered in Vancouver in April. Given the city\u2019s growth ambitions, that would require over 2,000 new home registrations a month.<\/p>\n<p style=\"text-align: justify;\">Demand is already underserviced by supply, says Chan, and the discrepancy will become wider.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re only servicing 10-20% of demand at the rate we\u2019re going at now. For the government to service this, there needs to be a dramatic increase in development, and the density of the developments needs to be increased as well,\u201d said Chan. \u201cThe lack of supply and the slow approval process have created a slower supply pipeline, particularly in Vancouver where it\u2019s not easy to be a real estate developer and get your application approved by the city. That has been the major issue.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/vancouvers-affordability-woes-amplified-by-supply-shortage-334687.aspx\" target=\"_blank\" rel=\"noopener\">Vancouver&#8217;s Affordability Woes Amplified by Supply Shortage<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An Oxford Economics report recently bestowed upon Vancouver the dubious honour of being North America\u2019s least affordable city, and according to a local real estate professional, that won\u2019t change unless &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/06\/vancouvers-affordability-woes-amplified-by-supply-shortage\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-18031","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver&#039;s Affordability Woes Amplified by Supply Shortage &#8226; 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