New RBC report also finds Metro Vancouver in ‘full-blown-crisis’
Housing Minister Ravi Kahlon thinks Metro Vancouver will be able to go against the grain of Canada Mortgage and Housing Corporation’s new projections that forecast a decline n new housing starts in the year ahead.
“High land and construction costs, along with financing constraints, are making it hard for some multi-family projects to move forward,” the corporation’s report reads. “We anticipate these multi-family projects to account for most of the decline in new home constructions in 2024.”“We have said that rising interest rates are putting real pressure on a lot of housing projects throughout Canada,” he said.
Housing prices are also expected to pick up, ending a declining trend in benchmark pricing that began in 2022. Reasons include expectations around lower interest rates: Once they start to decline, buyers will see their budgets expand, leading to growing demand and rising prices. RBC suggests that the share of a median income needed to cover ownership costs is 106.4 per cent. Victoria is somewhat more affordable with the share being 80.2 per cent.
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