Victoria Residential Builders Association

"trade with Canada is the most equally balanced...When stripping out oil and gas, the US actually has a significant trade surplus with Canada...deficit is with Canada on energy...at a discount..." https://lnkd.in/g3WsP7ZP

"Casey Edge, executive director of the Victoria Residential Builders Association, said the change may be a small one, but needs to be looked at in the context of all the other costs associated with a project. 'At the end of the day, the numbers all have to work, and the only way you can build in Victoria is if you get economy of scale. So if a developer needs smaller units to make the numbers work building in the city of Victoria, then yes, this will have an impact' he said. Edge pointed out that Victoria’s changes to development-cost-charge rates last year in some cases doubled and tripled the amount developers would pay for required infrastructure upgrades to handle new development." https://lnkd.in/g_8iStQv

"number of properties sold through the Victoria Real Estate Board rose 11% last year. A total of 6,893 properties sold...up from 6,207 in 2023... benchmark price for a single-family house in the core area was $1.3 million in December..." https://lnkd.in/gvGK43u3

"rent declines should be temporary and remain minimal mostly due to a long-term undersupply of rental units in the country, with rents set to accelerate in the coming years as the current slowdown in construction works to restrict supply.” https://lnkd.in/gCH-CaH4

"dominant issue became the development charges collected by govts both in Ontario & BC & there was nothing in HAF agreements...that prevented them from raising those charges—hinders development & is counter to the intent of the Housing Accelerator Fund" https://lnkd.in/gqzsSGX2 Victoria’s HAF grant of almost $18 million spent on staff studies & “strategies” then they increased DCCs 258%. Victoria housing starts have declined 48% from 839 last year to 436 this year. https://lnkd.in/gDcSvE5N

"council had no ability this week to require increased amenity contributions...The developers, who have already contributed $74,000 to the construction of the city’s Harbour Pathway, will have to provide $433,000 in community amenity contributions" https://lnkd.in/gts44YPR

"The numbers don’t lie. For example, from 2018 to 2023, the Trudeau government recorded the six highest levels of spending (on a per-person basis, after adjusting for inflation) in Canadian history (even after excluding emergency spending during the pandemic) – higher than during the Great Depression, both world wars and the height of the global financial crisis in 2008-09." https://lnkd.in/g9jPG26N

"Moosomin received $1 million from the federal govt's housing accelerator fund for its program. The town gives builders $30,000 for the first new unit plus $8,000 per additional unit for multi-unit housing on the same property." https://lnkd.in/gs_873VW Edmonton's grant covers up to 100% of eligible off-site infrastructure costs, with a minimum of $100,000 and a maximum of $4 million per application for upgrades to water, storm, and sanitary systems Victoria’s grant of almost $18 million spent on staff studies & “strategies” then they increased DCCs 258%  

"55% of all mortgages with Canadian banks are expected to be renewed in the next 2 fiscal years & 85% in the next 3 fiscal years...could lead to a mortgage war...as Canadians hunt for lower rates & banks look to improve their existing market share" https://lnkd.in/g4vXvf2E

Our column in today's TC B9: Prepare for 2025 at Crystal Ball Housing Forecast https://lnkd.in/gtSBmKcw https://lnkd.in/ggK66DHe