Housing construction slowdown hitting Vancouver

Housing construction in the Vancouver area has significantly declined, with a 15% drop in new housing starts in July 2024 compared to the previous year. Factors such as high interest rates, rising construction costs, and permitting delays are hindering development, despite government efforts to increase housing supply. Predictions indicate further declines in housing starts, with estimates of 28,800 units in 2024 and around 26,000 annually in subsequent years. Labor shortages also pose a challenge for future construction efforts.