Data Update 3

 *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 impact on development and housing.  He explains that Metro Vancouver is shifting the tax burden of growth infrastructure, specifically the sewerage infrastructure, off of property owners and onto developers.  This new proposal is set to be implemented in 2027 and the DDCs gained from it are intended to cover $11.5 billion in infrastructure growth over 30 years.  With the increased taxes on developers, it inherently drives construction costs up, also negatively impacting prices for homebuyers and renters. So, despite the housing shortage, the development industry can not readily respond given the steep costs of projects.  The other article, "Future buildings in Metro Vancouver to see hikes in utility connection fees," by Kenneth Chan will specifically support why we see the data visualization drop significantly in 2018 and again in 2022.  He gives insight to the origins of sewerage DDC, noting that it was "first established in 1997, and updated for the first time in 2017," which explains the downward trend in New Buildings development from 2018 onwards (Chan, 2021).  This post, created in 2021, also highlights Metro's intent on raising the DDC once again, nearly doubling the rates. 

New Data Slice 


Link to Original Dataset


Comments

  1. Kristina GardnerNovember 11, 2024 at 4:17 PM

    Hi Madi! I liked your data update, and thank you for giving us and update on the changes made since your last update. Your datawrapper chart is clean, and easy to read. I also like the title you gave your chart, it definitely draws the reader in. You asked a great question, and you gave a thorough summary of your articles and explained very well how your articles support your data and answer the question you posed.

    ReplyDelete
  2. Lucas.SNovember 17, 2024 at 12:32 PM

    Hi Madi! Great job comparing the high tax rates on developers to the decrease in new buildings. I think you included two very insightful articles that support your topic. I look forward to reading you final data report!

    ReplyDelete
  3. Nathan BorkowskiNovember 17, 2024 at 9:07 PM

    Hi Madi, this is a great update. The articles do a great job of backing up the visualization! Really looking forward to seeing the final results of this one!

    ReplyDelete

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