A new report on Metro Vancouver’s housing market confirms that a severe lack of supply in new housing stock has a significant role in the region’s great prices. According to the Urban Development Institute’s latest update, there are currently zero new townhomes or concrete condominiums that are either completed or move-in ready within the Lower Mainland.
Beyond the city’s borders, the rest of the Metro region only fares marginally better as only 50 units were ready for occupancy at the end June 2017. This represents a drop of 59% from the same period last year and 95% in the same period in 2015.
The average rental vacancy region-wide is still less than 1%, with the city of Vancouver leading the pack with an exceeding low vacancy rate of just 0.45%.
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