The CMHC highlights a daunting scenario for Vancouver’s rental projects due to a ‘perfect storm’ of market conditions impacting developers. Escalating construction budget costs pose a significant challenge, hindering developers’ responses to the demand for rental housing. This conundrum is exacerbated by government policies aiming to tackle housing issues, such as automatic rezoning around transit areas and the removal of single-family zoning, potentially affecting project feasibility. The article points out the threat to the viability of rental projects as developers face substantial fee increases that could potentially jeopardize significant rental endeavors in Vancouver. These compounded challenges could significantly impact the rental market’s growth and accessibility for Vancouverites in need of affordable housing options.

Read the article on Business in Vancouver

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