Building & Industry News
Fast Growing Canada Needs Housing Supply
To understand rising home prices, it’s important to appreciate that Canada is undergoing some of the fastest population growth in our history. Statistics Canada reports the country’s rate of growth is twice as fast as that of the US and UK. Our population was...
Housing Reports Reveal Development Challenges
Municipal Housing Needs Reports, required by the BC govt, reveal a trend of mostly slow development processes undermining new supply and driving up costs, with a few exceptions such as Langford. First, the good news. Langford’s report says: "Langford’s strong working...
61% of all New Homes in Langford
CMHC reports 61% of all new homes constructed in January 2021 were in Langford. The region's total was 216 and 132 were in Langford, representing a cross-section of single detached, semi-detached, row, and apt/condos, There were 14 new homes in Victoria and 10 in...
Construction Rebates Boost Economy, Create Jobs
Challenges continue in the battle against COVID-19, and other provinces are showing more can be done in BC to assist the economy and create jobs. For example, the Newfoundland and Labrador government launched a rebate program providing up to $10,000 for renovations...
Rising Lumber Prices Boost Govt Fees, Taxes on Housing
Lumber costs have increased significantly adding thousands of dollars to building a new home. The price of a 2x4 has more than doubled since 2019, while OSB has tripled. In addition, the pandemic has disrupted supply chains for other materials creating shortages and...
A Solution to Skilled Trades Shortages
Skilled trades shortages are growing as baby boomers retire and demand for new housing increases. One response has been government and industry representatives attending employment conferences overseas trying to attract trades to Canada. However, there is another...
2021 Crystal Ball Housing Forecast
VRBA’s Annual Crystal Ball Housing Forecast webinar was recently held with presentations by: David Langlois, President, Victoria Real Estate Board Brendon Ogmundson, Chief Economist, BC Real Estate Association Pershing Sun, Senior Analyst, CMHC There are 5 reasons for...
All New Housing -8%, Single Detached +9% in 2020
CMHC reports 2020 housing totals for Greater Victoria were down -8% vs 2019. All new housing was 3,209 reduced from 3,499 the previous year. Single detached homes were up +9% and multi-family was down -18%. New housing in the City of Victoria declined -52% while...
Three Housing Myths Dispelled
Here are three common myths about housing: Myth #1: Houses are unaffordable Many buildings are affordable, but the land is not. For example, a 1960’s home on a 12,000 sq ft lot in Saanich was assessed at $904,000 by BC Assessment in July 2020. The building is $129,000...
Housing Forecast Prepares Industry for 2021
Are you ready for 2021? The Annual Crystal Ball Housing Forecast is a free webinar for members of the Victoria Residential Builders Association and Victoria Real Estate Board. The webinar is Wednesday, January 13 from 11:45 am to 1:15 pm. Expert speakers include:...