Relief ahead for Vancouver’s small housing market by late 2018, industry experts say

Relief ahead for Vancouver’s small housing market by late 2018, industry experts say

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The British Columbia Real Estate Association claims home builders are addressing a lack of available homes by drastically increasing multi-family housing starts

VANCOUVER — A real est association watching Metro Vancouver’vertisements tight and costly housing market says conditions should begin to ease by the third quarter of 2018.

The B . c . Real Estate Association says your home builders are responding to an absence of available homes across the region by dramatically increasing multi-family housing starts.

Starts across Metro Edmonton surged 40 per cent in order to 22,700 units inside 2016, while the report says nearly 19,700 multi-family homes were started so far this year, including a further 19,000 units are forecast in 2018.

The association’vertisements report says data upon estimated completion times of the developments suggests available suites in new apartment plans should rise from fewer than 4,000 units for each quarter into about 7,000 by late next season.

Most of the units are pre-sold, nevertheless the report says renters who are buying homes will free up needed rental suites, whilst owners moving to brand new units will bolster any scarce supply of housing as the former properties go on selling.

The study says a surge within multi-family completions isn’t the only solution designed for housing affordability in Neighborhood Vancouver.

But it says a big increase in the supply of dwellings can help keep a lid regarding climbing rents and house prices.

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