{"id":6901,"date":"2017-09-11T11:11:51","date_gmt":"2017-09-11T18:11:51","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6901"},"modified":"2017-09-07T09:24:45","modified_gmt":"2017-09-07T16:24:45","slug":"condo-shortage-looming-in-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/09\/condo-shortage-looming-in-vancouver\/","title":{"rendered":"Condo Shortage Looming in Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">Despite a white-hot presale market that has driven new condo inventory to record lows, mandatory registration of new Vancouver condominiums have fallen 28% as starts have plunged.<\/p>\n<p style=\"text-align: justify;\">Registrations of new homes with the BC Homeowner Protection Office (HPO) are seen as a harbinger of new home construction, since the warranty registrations are required before building permit applications, according to BC Housing.<\/p>\n<p style=\"text-align: justify;\">As of the first half of this year, HPO had received registrations for 1,788 new Vancouver condos, down from 2,488 units at the same time in 2016.<\/p>\n<p style=\"text-align: justify;\">Industry officials say the lower registrations may just reflect a pause in a booming cycle.<\/p>\n<p style=\"text-align: justify;\">\u201cNo one I\u2019m talking to is slowing down \u2013 it\u2019s crazy busy out there,\u201d said Bob de Wit, CEO of the Greater Vancouver Home Builders\u2019 Association.<\/p>\n<p style=\"text-align: justify;\">\u201cThere are some very large projects underway that will complete in the fall that are taking up productive capacity and limiting new starts and delaying warranty purchases for subsequent projects,\u201d de Wit said.<\/p>\n<p style=\"text-align: justify;\">\u201cConstruction costs are exploding and even developers who have projects pre-sold are scrambling to sharpen their pencils and retender, causing delays in starts,\u201d he added.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/9\/condo-shortage-looming-vancouver\/\" target=\"_blank\" rel=\"noopener\">Condo Shortage Looming in Vancouver<\/a> by Western Investor | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite a white-hot presale market that has driven new condo inventory to record lows, mandatory registration of new Vancouver condominiums have fallen 28% as starts have plunged. Registrations of new &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/09\/condo-shortage-looming-in-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":[8],"tags":[],"class_list":["post-6901","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Condo Shortage Looming in Vancouver &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/09\/condo-shortage-looming-in-vancouver\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Condo Shortage Looming in Vancouver &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Despite a white-hot presale market that has driven new condo inventory to record lows, mandatory registration of new Vancouver condominiums have fallen 28% as starts have plunged. 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