{"id":2390,"date":"2016-06-19T10:10:22","date_gmt":"2016-06-19T17:10:22","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2390"},"modified":"2016-06-17T19:06:11","modified_gmt":"2016-06-18T02:06:11","slug":"construction-boom-could-offer-some-respite-for-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/06\/construction-boom-could-offer-some-respite-for-vancouver\/","title":{"rendered":"Construction Boom Could Offer Some Respite for Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">Increasingly limited supply is continuously fanning the flames of intense competition and unchecked price growth in Vancouver\u2019s residential real estate market, but a prominent expert argued that the city is poised for some relief in the next few years due to an ongoing boom in the construction sector.<\/p>\n<p style=\"text-align: justify;\">In Tania Kohut\u2019s report for GlobalNews.ca, British Columbia Real Estate Association chief economist Cameron Muir said that sustained demand is spurring builders into action, with a record number of residences now under construction in Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cThe lag between getting that signal in the marketplace \u2014 supplies get drawn down. It takes a number of years for all these housing units to be completed, to be added into the marketplace,\u201d Muir stated. \u201cIn between that, we tend to see rising prices. So we get this ramp up in prices and then a plateau.\u201d<\/p>\n<p style=\"text-align: justify;\">William Strange, Professor of Business Economics at the University of Toronto\u2019s Rotman School of Management, noted that city and provincial authorities are best positioned to address the supply gridlock that has afflicted the Vancouver market.<\/p>\n<p style=\"text-align: justify;\">\u201c[The] government does make it a bit harder by regulating supply strictly, and probably needs to find ways to reduce it at least in some parts of the city,\u201d Strange explained. \u201cThis is a competitive market. It\u2019s partly us doing this to ourselves, getting carried away in our enthusiasm.\u201d<\/p>\n<p style=\"text-align: justify;\">Strange added that Canadians will continue to migrate to the largest cities\u2014and thus inflaming these markets even further\u2014unless other regions see a level of development that would allow them to offer competitive jobs and economic environments.<\/p>\n<p style=\"text-align: justify;\">\u201cHandling the scale at which Canada has changed is a challenge. And we\u2019re going to need to be at the top of our game to address it,\u201d he said.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/construction-boom-could-offer-some-respite-for-vancouver-208847.aspx\" target=\"_blank\">Construction Boom Could Offer Some Respite for Vancouver<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Increasingly limited supply is continuously fanning the flames of intense competition and unchecked price growth in Vancouver\u2019s residential real estate market, but a prominent expert argued that the city is &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/construction-boom-could-offer-some-respite-for-vancouver\/\">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":[13],"tags":[],"class_list":["post-2390","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Construction Boom Could Offer Some Respite for Vancouver &#8226; 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