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Housing Starts Decline, Costs Increase, While Many CRD Councils Fiddle

CMHC’s latest numbers show overall -11% decline in housing starts ytd from 3256 Jan – Oct 2018 to 2896 Jan – Oct 2019 in the CRD. Major declines: Saanich-50%; Central Saanich -68%; Oak Bay-75%; View Royal -85%. Victoria Real Estate Board stats reveal the price of the core’s single detached homes increased in the past month from $846,500 in Sept to $857,700 in Oct.

There is a -25% decine in single detached starts from 720 to 536, an alarming trend that indicates supply is being undermined by the BC govt’s myriad of new taxes including the Speculation Tax and alleged School Tax which is really a land tax. These initiatives were supposed to improve supply and affordability which has clearly not been the case.

Councils in Saanich, Victoria, Oak Bay and others continue to layer on costs and regulations such BC Step Code despite claiming to support affordability. Colwood and View Royal are considering invoking Step Code, which ignores National Building Code diligence and consumer protection. Read https://www.vrba.ca/bc-step-code-misstep/

Saanich voted to put market housing on the backburner while govt projects are fast-tracked. Single detached homes for young families are built by the private market, not govt. In addition, Saanich has chosen to boost DCC’s and obstruct new housing with a new verison of interim EDPA regs that slow and even deny building permit processes.

Langford continues to post 40% of all new housing strats in CRD out of 13 municipalities. Avg single detached price $216,300 les than Greater Victoria’s core.

CMHC stats are here: https://www03.cmhc-schl.gc.ca/hmip-pimh/en#Profile/1/1/Canada

 

 

 

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