Madison Chai

Since 2017, Vancouver's rate of issued New Building Permits has declined by nearly half.      City of Vancouver data reveals a significant decline in issued building permits across all categories.  New Building permits, in particular, have shown a downward trend of 47% since 2017. Given the city's current housing crisis, this raises the urgent question, "Why is Vancouver's rate of new building permit issuance declining in a time of need?"      As a population grows, it's essential for construction and development to grow in tandem.  This, however, is most definitely not the case in Vancouver.  The city's population growth is far outpacing new homes being built, creating immense pressure on renters and prospective home buyers struggling with unaffordability.  At a glance, one might assume that simply building more would resolve the affordability problem.  Though it would be nice if it were as simple as that, the reality is the core...

 *Adjustments since Data Update 2     Previously, my lead was " Vancouver's rate of New Building development has plummeted by nearly 90% since 2017, according to City of Vancouver data," however, there was an error in the percentage change calculation.  Instead of a near 90% decline in Vancouver's New Building Development, the correct percentage of decline is 47% , which is still a considerable amount.   Chart Question  Considering there's an on-going housing crisis, why is Vancouver's rate of New Building development declining in a time of need?  Link and Brief Summary  Through research, the overall decline in New Building development has much to do with stricter government regulations, particularly increasing development cost charges (DDC).  The 2024 article " How Metro Vancouver Is Driving Up Housing Cost ," by Matthew Alexandris does a good job of explaining DDC in relation to their current and future impac...