, also found municipalities and regional planners have overstated future housing supply and approved units, and that there are only 331,600 units of actual “shovel ready” units in the province versus the 1.25 million claimed by the. That amounts to 70 per cent of the inventory of units included in municipal estimates not being shovel ready.
KPEC said the RPCO claim of 1.25 million approved lots is inflated when considering the breakdown of the units within the aggregated number: 731,000 of the units are still in the application process, need additional approvals, servicing allocation or are awaiting a decision from municipal council. Representing nearly 60 per cent of the RCPO’s supply estimates, portraying these units as “shovel ready” is inaccurate, the report said, as they are not approved or do not have building permits or servicing allocation.
Claiming 150,000 of additional housing would arise from the conversion of existing housing stock to multiplexes, basement units, and accessory dwelling units . This would represent 15,000 per year and is an 800-per-cent higher forecast than the forecast for ADU used as the basis of the provincial government’s planning.
Source: Real Estate Daily Report (realestatedailyreport.net)
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