[06.08.2024 - 06.14.2024] Weekly Real Estate Review: Vancouver and Canada Markets

This week, we highlight four key topics: Vancouver raising height limits for mass-timber buildings, a report indicating new housing needs $100,000 per home for infrastructure, Tiff Macklem emphasizing that boosting productivity is crucial for economic stability, and Vancouver approving new water heater standards for homes.

Vancouver Increases Height Limits for Mass-Timber Buildings

Vancouver City Council has amended its building bylaw to permit mass-timber buildings up to 18 storeys, an increase from the previous limit of 12 storeys. This change aligns with recent updates to B.C.'s building code and aims to promote environmentally friendly construction. Mass-timber structures, like the 10-storey Hive office building, use engineered timber components, reducing carbon emissions and construction time. The amendment is expected to encourage more developers to adopt mass-timber construction, contributing to Vancouver's climate goals.

New Housing Requires $100,000 Per Home for Infrastructure: Report

A report by the Canadian Urban Institute, funded by the Canada Infrastructure Bank, reveals that supporting new housing in Canada requires over $100,000 per home for infrastructure. This includes public transit, roads, water lines, schools, and recreational facilities. To meet the Canada Mortgage and Housing Corp.'s forecast of an additional 3.5 million homes by 2030, significant investment in municipal infrastructure is necessary.

Boosting Productivity Essential for Economic Stability: Tiff Macklem

Bank of Canada governor Tiff Macklem urges businesses to use the ingenuity shown during the pandemic to improve declining productivity. He emphasizes the need for investment in technology and equipment, warning that failing to address productivity could complicate the economy. Macklem also notes that while interest rates may gradually decline, they are unlikely to return to pre-pandemic levels.

New Water Heater Standards Approved for Vancouver Homes

Vancouver City Council has approved new efficiency standards for replacement water heaters in homes. Starting February 28, 2025, major home renovations exceeding $150,000 must install higher-efficiency water heaters. By January 1, 2027, all replacement water heaters in detached houses and duplexes must meet the highest efficiency standards. The approved equipment includes gas heat pumps, hybrid heat pumps, electric heat pumps, and electric resistance water heaters, with some exceptions. Mayor Ken Sim emphasized that the new standards will not add costs for residents, streamline renovation requirements, and help reduce emissions.

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