The availability of new, multi-family housing in the City of Vancouver has reached a historic low, according to the Urban Development Institute (UDI).
It says low inventory levels are the result of outdated, restrictive zoning in single-family neighbourhoods, especially within Vancouver city limits.
“We clearly need a regional housing strategy with more homes for more people,” said Anne McMullin, president and CEO of the UDI. “That means more high-rise apartments along rapid transit corridors and more townhomes, rowhomes, multi-family low-rises, duplexes and laneway homes in traditional single-family neighbourhoods.”
Low inventory levels are also playing a significant role in recent price increases for new homes throughout the region, according to the institute.
The report says Metro Vancouver’s new home market experienced a brief slowdown this quarter, which can be attributed to a lack of new project launches rather than a lack of demand.
There were only 2,546 new multi-family homes available to purchase at the end of Q1 2017, which is down 15 per cent from the same quarter last year and is once again nearing historic lows.
- Zero townhome units available & unsold in Vancouver proper. Only 16 units in Metro Vancouver, which flat-lined for the past year
- Four wood frame condos in Metro, none in Vancouver
- Record low 11 concrete condos available in Metro, none in Vancouver, steady decline from Q2 2014
- Metro Van. population up by 29,900 over the last year. Current pop. 2,183,600
- Most municipalities averaging 0.6% vacancy rate, no improvement
VIDEO: Anne McMullin, President & CEO, UDI
The report was prepared by Urban Analytics for the UDI, which represents the real estate development industry.
Read the report, Q1 2017 State of the Market, in full here.