Builders of homes for the rental market in Metro Vancouver are favouring locations outside the City of Vancouver according to a recent report.
The Goodman Report has found that in the past 2 years, the focus for new rental projects under construction, approved, and proposed for 2019 in Metro Vancouver has switched from the City, which dominated in 2017.
Of proposed units, 6,999 are in the suburbs compared to 2,150 in the City. That represents a rise of 167% between May 2017 and May 2019 for the suburbs; and a decrease of 36% in that timeframe for the City.
Goodman says that several factors are driving this change including the incentives offered by some municipalities and the “convoluted and risky” nature of the City of Vancouver’s rezoning laws.
"The proposed category of new #rental #construction in the @CityofVancouver has dropped by 36% in two years, while the suburbs have witnessed an amazing 167% increase." | @goodmanreport #vanpoli #bcpoli https://t.co/H3KvQf8eRc
— UDI Pacific Region (@udibc) May 22, 2019
