skip to Main Content
Development Costs And Regulations Driving Up Home Prices In Vancouver

Development costs and regulations driving up home prices in Vancouver

By CHERYL CHAN for Vancouver Sun

Government regulations and development charges have driven up house prices in Metro Vancouver to the tune of $644,000 per new house, according to a new report from the C.D. Howe Institute.

The report shows that in Vancouver, after factoring in a profit for the developer, close to half of the price of a new detached home is due to government fees and regulations.

Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis

Sign up for insider real estate news & tips from our podcasting team.

Are you a realtor? Click here
Selling Your Home? Click here

  • Reload
  • Should be Empty:

The report, released Tuesday, found the cost of barriers to housing supply in Canadian municipalities — such as zoning regulations, development charges and limits on housing development — are highest in B.C., with the Vancouver census metropolitan area leading the pack, followed by Abbotsford and Victoria.

“Vancouver is, by far, the most restrictive region in Canada,” said Benjamin Dachis, associate director of research at C.D. Howe, who co-authored the report with Vincent Thivierge. “It’s so restrictive it’s on par with some of the worst performers in the world like in New York and some cities in the U.K. and Australia.”

Continue reading the full story here >>
 

This Post Has One Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top