Media Release_UDI_Q2_2013x - Urban Development Institute

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28 Οκτ 2013 (πριν από 3 χρόνια και 10 μήνες)

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Strict Embargo Until Wednesday 11 September 2013


URBAN DEVELOPMENT INSTITUTE


PACIFIC REGION

#200


602 West Hastings Street

Vancouver, British Columbia V6B 1P2

Canada

T. 604.
669
.
9585

F. 604
.
689
.
8691

www.udi.bc.ca




Wedne
s
day
1
1

September

201
3






Cumulative
u
nder
-
s
upply of

n
ew

h
ousing
and labour market fundamentals supporting current p
rice
s
tability

and projected
price
growth

in Metro Vancouver


V
ancouver
, BC


The
Urban Development Institute (UDI)
, today

released
its
State of the Market Quarterly
Publication

for the second quarter of 2013
.

The report, prepared by
Urban Analytics
, provides a
comprehensive analysis of
key macro
-
economic and market indicators with specific relevance to the Metro
Vancouver housing market.


The second quarter of 2013

has seen a number of noticeable macro
-
economic developments, which in
UDI’s view, support an underlying price strength in the Vancouver housing market waiting to be realized.
Firstly, national GDP is at record highs continuing a positive growth trend in
14 of the last 15 quarters.
Secondly, the British Columbia unemployment rate continues to decline and currently sits at 6.5%

indicating an

improving labour market, and as

a result, increasing demand for housing.


Thirdly, from Q1 2012 to Q1 2013
,

new ho
using starts

have been significantly outpaced and exceeded

by

regional
population growth. Metro Vancouver population growth in Q1 2013 outpaced new home starts
in
the region
by a ratio of more than 3 to 1


a rate much higher than assumed average househol
d size of 1.5.
Even
with

a conservative household size assumption of 2.1

pe
rsons

per household
,

this trend,

along with
anticipated and continued immigration to the region, indicates a persistent

and
increasing demand for
housing in the Metro Vancouver mar
ket.



UDI
CEO and P
resident, Ms Anne McMullin said


the UDI State of the Market report
released today
highlights the complexity of

economic influences in the Metro Vancouver housing market. On balance, the
institute notes that there is a latent and growing demand for housing in the region, falling inventory levels
and tightening rental vacancy rates.” Ms McMul
lin said “from a housi
ng affordability perspective,
unless
supply constraints are

loosened

we can expect upward pressure on prices across housing product types in
the new and resale markets.”







-
30
-


The Urban Development Institute is the premier industry body represen
ting over
600

of British Columbia’s leading
residential, commercial, industrial and institutional developers. The urban development industry in BC generates $3
5

billion worth of economic activity and over 250,000 jobs for the Province each year.


Contact
:


Adrien Byrne

Manager
, Communications

abyrne@udi.org



604.669.9585

Media Release