The cost of land restrictions and zoning regulations has a dollar amount, and in Greater Vancouver, it comes with five zeroes.
According to new research from the C.D. Howe Institute, “excessive regulation” around building single-family homes in the region added $600,000 to the price of an average home between 2007 and 2016.
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The analysis also shows that barriers to building single-family supply make up about half the cost of housing in the area – the highest level in Canada, and one on par with Manhattan, New York.
The study, titled Through the Roof: The High Cost of Barriers to Building New Housing in Canadian Municipalities, examines the gap between the physical cost of building new single-family housing across Canada, and the price those homes fetch on the market.