Zanyar Farhadi’s Blog

Vancouver's housing development pipeline now includes 58K new homes in various stages of approval or construction.In the first year of provincial targets, Vancouver completed 4,143 net new homes, falling 26% short.

Home sales in Greater Vancouver rose 31.9% in October compared to last year, suggesting a rebound. In October, Greater Vancouver recorded 2,632 sales, only 5.5% below the 10-year average for the month.

Vancouver is ranked the priciest city in Canada, with high housing and living costs. A one-bedroom apartment averages $2,675, and a home costs around $1.2 million in Vancouver.

The BoC has cut its key interest rate significantly to stimulate the economy. This reduction marks the fourth consecutive cut, aligning with falling inflation rates of 1.6%.

Vancouver will transform 17 low-density residential areas into Villages, featuring low-rise multi-family housing for increased supply. Each Village, within 400 meters of retail streets, will permit buildings of 3 to 6 storeys.

Vancouver’s housing market sales ↓ 5.7% yearly, totalling 2,783 units in September. Despite improved affordability, buyers remain cautious, awaiting further interest rate reductions and increased inventory.

Vancouver will cut multiplex permitting times by 50% through a streamlined process starting early 2025. This initiative aligns with the city's Permitting Improvement Program, speeding up approval of essential housing.