Articles tagged with "Forecast"

The City of Vancouver is predicting a 7% increase in property taxes for the next year. However, Mayor Ken Sim has requested city staff to propose strategies to limit the hike to under 2.5%, with a scenario even considering a zero percent increase. This move is part of the mayor’s effort to manage the financial burden on residents amidst current economic strains. The discussions aim to balance the city's budget needs with taxpayer concerns.

Condo sales in Vancouver have plummeted by 37% from mid-2022 to early 2025, primarily due to increased interest rates impacting affordability and investor returns. The decline in sales has resulted in a surplus of unsold units and a drop in resale prices. This has also led to a significant rise in project cancellations, with a tenfold increase in canceled units reported from 2022 to 2024. Although there may be short-term benefits for buyers, the long-term effects are expected to exacerbate housing shortages.

The British Columbia government has given a preview of the ongoing Broadway subway tunnel construction in Vancouver, part of a $2.95 billion extension of the SkyTrain Millennium Line. The project, which includes six underground stations and is slated to open in 2027, is expected to triple the passenger capacity compared to the current rapid bus service. Although there are slight cost overruns common to underground construction, it remains largely under control. The project is expected to expand the overall SkyTrain capacity by over 27% by also extending the Expo Line to Langley.

Despite a national decrease in rental prices, Vancouver and Burnaby, B.C., remain Canada's most expensive for renting apartments, with median rents reaching $2,520 and $2,300 for one-bedroom units, respectively. The latest report by Zumper shows a continued decline in annual rent rates, attributed to increasing supply and softening demand. The report suggests that external factors such as high cost of living in these markets have slowed leasing activities. This trend is noted as part of a broader market correction following years of rapid rent increases.

Global Education Communities Corporation (GECC) and the Pure Group plan to break ground by the end of 2025 on a $330-million student housing and mixed-use project in Surrey, B.C. The 49-storey Education Mega Centre will include rental housing primarily for students and multi-family tenants, along with commercial and office spaces. GECC will hold the majority ownership while Pure will maintain a minority share, with plans for additional institutional investors. The project aims to address the strong demand for student housing in the area, capitalizing on its proximity to educational institutions and a SkyTrain station.

The government of British Columbia has hired Michael Bryant as a consultant to advise on the future of the Downtown Eastside area in Vancouver. Premier David Eby's office confirmed that the six-month consultancy, starting in February, is valued at $150,000. This initiative aims to address the challenges in the Downtown Eastside and consider potential developments or improvements.

The Future of Work 2025 construction conference took place at Pitt Meadows Plumbing’s Shop XL in Maple Ridge, B.C., highlighting the need for industry evolution in the face of significant challenges. Over 800 professionals convened to discuss the importance of collaboration, trust, and innovation. The event featured expert-led panels on collaborative project delivery, technology integration, and workforce development, encouraging attendees to think beyond their current roles and responsibilities. It emphasized the collective responsibility of the construction industry to mentor and develop the future workforce.

The Canadian Home Builders’ Association (CHBA) reports a bleak outlook for new home construction in Ontario and British Columbia as builder confidence hits record lows. Both single-family and multi-family housing market indices have scored poorly, reflecting declines in housing starts and significant affordability challenges. Builders cite rising construction costs, high development charges, and economic uncertainty as major concerns. Kevin Lee of CHBA urges government action to focus on housing affordability and infrastructure financing to alleviate the pressures faced by builders and potential homeowners.