Vancouver falling behind on new provincial housing targets

The B.C. government has unveiled the 5-year targets for new housing units to be built in ten cities around the province. Richard Zussman has the details – Sep 26, 2023revealed 1,607 net new units were built in the city between Oct. 1, 2023 and the end of March this year. The city’s target for the first year of the five-year target period is 5,202.

She added that the city is doing what it can in focusing on speeding up permit times, but that municipal governments are limited in what they can do alone.“It is a collaborative effort when we deal with housing. We deal with the zoning, land regulation,” she said. “But we do need the provincial and federal governments to contribute and play a role, particularly where we want to have deeper affordability.

“The reality is that both the combination of higher interest costs and higher construction costs are conspiring to make it virtually impossible for most municipalities to see the number of applications and approve the number of applications,” he said.Geller said one key move municipalities could make to speed up construction would be to ease or eliminate the development cost charges and community amenity contributions they require for new builds.

Source: Real Estate Daily Report (realestatedailyreport.net)

Housing Politics Vancouver Politics

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

5 Things to Do in Vancouver This Week (May 6-12) - Vancouver MagazineWhat to do in Vancouver the week of May 6.
Source: vanmag_com - 🏆 55. / 59 Read more »

Public viewing locations for Vancouver Canucks playoff run in Metro VancouverFans in the region have a growing number of opportunities to catch the action at public gatherings where they can share the energy with a crowd.
Source: GlobalCalgary - 🏆 50. / 61 Read more »

Surrey, Kelowna, Prince George added to B.C.’s housing target hit listMultiple communities in Metro Vancouver, Fraser Valley and on Vancouver Island are also on list
Source: TerraceStandard - 🏆 24. / 68 Read more »

Doomsday Bunker Community Of Nearly 600 Units Is Selling Residences For Under $70KThe bunkers, which can reportedly withstand ten consecutive earthquakes and endure temperatures up to 676°C, are being priced at less than $70,000.
Source: boredpanda - 🏆 18. / 72 Read more »

EU should set 600 billion euro target for capital markets union-FranceExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

Zambia Debt Audit Shows Government Paid 600% Premium for LaptopsAn audit of Zambia’s public debt found inflated costs and wasteful spending, including the government’s purchase of vastly overpriced computers and laptops for public schools that have no electricity.
Source: BNNBloomberg - 🏆 83. / 50 Read more »