{"id":8025,"date":"2018-01-25T10:10:28","date_gmt":"2018-01-25T18:10:28","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8025"},"modified":"2018-01-18T12:16:27","modified_gmt":"2018-01-18T20:16:27","slug":"project-flow-picks-up-in-vancouver-condo","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/01\/project-flow-picks-up-in-vancouver-condo\/","title":{"rendered":"Project Flow Picks Up in Vancouver Condo"},"content":{"rendered":"<p style=\"text-align: justify;\">Fears of a new condo shortage in Vancouver have eased slightly as mandatory registrations of new strata units with BC Housing for warranty insurance increased through the second half of last year.<\/p>\n<p style=\"text-align: justify;\">In 2017, the city saw a 54% decrease in new multi-family starts, mostly condos, which fell to 4,500 units.<\/p>\n<p style=\"text-align: justify;\">As of July of last year, registrations had been down 28% from a year before.<\/p>\n<p style=\"text-align: justify;\">But, by the end of last year, registration of new strata units with the BC Homeowner Protection (HPO) had reached 4,000 in Vancouver, a slight increase from 2016.<\/p>\n<p style=\"text-align: justify;\">Registrations of new homes with the HPO are seen as a harbinger of new home construction, since the warranty registrations are required before building permit applications are made, according to BC Housing.<\/p>\n<p style=\"text-align: justify;\">The registrations are not required on rental units.<\/p>\n<p style=\"text-align: justify;\">Even with the increase in HPO registrations, Vancouver multi-family starts this year do not appear likely of matching the nearly 8,500 starts seen in 2016.<\/p>\n<p style=\"text-align: justify;\">Starts may even slow slightly in the Metro region.<\/p>\n<p style=\"text-align: justify;\">Total HPO strata registrations, which include townhouse and condo apartments, across Metro Vancouver were down to 21,090 units in 2017, from more than 23,000 in 2016.<\/p>\n<p style=\"text-align: justify;\">Registrations were lower in Surrey, Richmond and Coquitlam, but higher in Langley and North Vancouver, where they increased by 40% to 1,233 units.<\/p>\n<p style=\"text-align: justify;\">The Greater Vancouver Home Builders\u2019 Association (GVHBA) noted that last year\u2019s decline in multi-family starts in Vancouver was likely the result in of a backlog of permit applications in the city and the demands place on an industry with more than 30,000 multi-family units under construction.<\/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 GVHBA.<\/p>\n<p style=\"text-align: justify;\">\u201cThere are some very large projects underway that are taking up productive capacity and limiting new starts and delaying warranty purchases for subsequent projects,\u201d de Wit explained.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2018\/1\/vancouver-condo-pipeline-picking\/\" target=\"_blank\" rel=\"noopener\">Project Flow Picks Up in Vancouver Condo Pipeline<\/a> by Frank O&#8217;Brien | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fears of a new condo shortage in Vancouver have eased slightly as mandatory registrations of new strata units with BC Housing for warranty insurance increased through the second half of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/01\/project-flow-picks-up-in-vancouver-condo\/\">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-8025","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Project Flow Picks Up in Vancouver Condo &#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\/2018\/01\/project-flow-picks-up-in-vancouver-condo\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Project Flow Picks Up in Vancouver Condo &#8226; 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