Builders in the Vancouver area say they are having to wait far longer than normal for approval of building permits. Permits are usually processed within 8 weeks, but a huge backlog means that in some cases it’s been 8 months!
Builders blame a bylaw which would mean a greener city. The introduction of the new regulations was due this month prompting a rush of applications before the tougher requirements came into force. The bylaw has now been postponed until January.
Builders need applications to go ahead quickly so they can maintain a consistent building program. Some have already been forced to lay off staff as projects have stalled.
The City says it is working to clear the backlog by mid-August.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: