First-time buyers might have to pay more in new Vancouver bylaw

On top of already numerous affordability pressures, first-time buyers must brace themselves for higher initial purchase costs should city authorities enact a proposed bylaw concerning the width of outside walls for new townhomes and buildings less than six storeys tall.
 
The Independent Contractors and Businesses Association cautioned that the approval of a one-and-a-half-inch increase in the current external wall thicknesses of these structures will cost new buyers as much as an extra $15,000 per unit.
 
“What the City of Vancouver is offering is getting in the way of affordable housing for first time homebuyers and young families,” Association president Chris Gardner told CBC’s On the Coast. “They're adding on costs, and I think it's the wrong approach.”
 
Gardner added that the proposal, intended to provide more space for insulation, will have to ensure up to 120 years of energy savings for it to be cost-effective. If approved, the changes would be enacted on March 2018.
 
He argued that input from the public is a must before the implementation of such a far-reaching regulatory revision.
 
“They're layering on costs and regulations and bylaws that are going to hurt first time homebuyers in the city,” Gardner stated. “If they're not talking to residents, if they're not talking to small business owners, to construction companies, they're not going to get the kind of feedback they need to develop policies that are going to work for the City of Vancouver.”
 
“[The City of Vancouver] is missing the point, and they're not doing anything to deal with the most pressing issue facing young families — and that's affordability.”


Related stories:
No end in sight for growth of demand in Vancouver rental sector - report
Strong evidence of problematic conditions persists in real estate market: CMHC

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COMMENTS

  • by KD 2017-02-08 11:18:46 AM

    Funny that the defense is first time buyers. Hahahaha! First time buyers aren't buying brand new homes. They are buying older cheaper inventory. They were priced out of new homes about 10 years ago. Presale condos are usually bought by property speculators (I mean investors.)

    Anyways, good on the city. Requiring a thicker wall, with better insulation will be a plus, especially with global warming and greater temperature fluctuations.

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