A new survey from our friends at The Fraser Institute says the City of Vancouver has the longest building permit approval times in the Lower Mainland, with an average wait of 21 months.
Langley, by contrast, has the shortest wait with an average of two months.
The public policy think tank surveyed a range of home builders starting in 2014 — across 19 of the region's municipalities. According to the report, the City of Vancouver also has the highest level of opposition to new developments from city council and community groups.
"Increasing housing supply in Vancouver could help lower prices, but unfortunately there are a lot of confusing and costly regulations on the books that deter new homes from being built."
"Compared to the City of Langley, it takes an average of 19 months longer to receive a building permit in the draconian city of Vancouver — a fact that should worry anyone concerned about high home prices, taxes, laws and extreme over regulating in the city because the added time and issues means extra costs that are ultimately passed on to homebuyers."
The Fraser Institute report also found residential developers in Vancouver pay the most to comply with
regulations. It costs $78,000 for every new unit of housing built in the city of Vancouver whereas regulatory
compliance in Port Moody, New Westminster, Pitt Meadows and the City of Langley is less than $10,000 per unit.
"If municipal councils in the Lower Mainland — especially in Vancouver — really want to increase the supply of housing, they should consider less regulatory regimes that encourage, not stifle, residential development and lower costs." That said it may take a considerably more pro business and homeowner mayor before that ever happens in far left Vancouver.
If your considering the purchase or sale of your home anywhere in the lower mainland or indeed anywhere in our spectacular province, don't hesitate to contact our real estate sales managers, Mandeep Sendher and our real estate group anytime, 604-767-6736.
The survey results for Lower Mainland municipalities (least regulated at the top):
1. City of Langley
2. Pitt Meadows
3. New Westminster
4. Port Moody
5. Port Coquitlam
11. Maple Ridge
12. District of North Vancouver
13. City of North Vancouver
16. Langley Township
18. West Vancouver