According to the Urban Development Institute, the hold over the supply of multifamily units in the lower mainland of Vancouver will persistently be a hindrance towards affordability.
The UDI noted in a recent State of the Market report that the latter part of last year December only had ready for purchase 8 new townhome units through the whole of the lower mainland.
President and CEO of UDI, Anne McMullin said; “The report confirms that doing nothing, blaming foreign buyers, or introducing new punitive taxes have not made housing more plentiful or affordable for home-seekers.”
She then added that even though a whole lot of land is made available, limited zoning draws up 85 per cent of it for single-family units when there is high demand of multifamily home in mostly transit links.
Anne advised; “We all have to share in the solutions and consider the greater good and community health.” According to the report, the population of Metro Vancouver went up by more than 30,000 last year, however the vacancy rate of rental units was less than 0.6 per cent, with wood framed condos declined by 92 per cent over the year in the fourth quarter of last year, which was recorded as the lowest level in over six years.