Don’t expect to move quickly with a plan to build a new home if it’s in the District of North Vancouver.
A new report released today by the Fraser Institute indicates developers and home builders have more of a difficult time building a new home in the North Shore municipality due to regulation costs, approval times and rezoning prevalence.
Vancouver and the City of North Vancouver are the second and third hardest places to build a new home.
The report gathered information from respondents and was able to examine various factors that come with building a home in different municipalities around Metro Vancouver.
Regulatory compliance costs and fees was the highest in the District of North Vancouver, at $40,000, and the lowest in Abbotsford, at $14,357. In Vancouver, costs are at an average of $38,000 per unit.
The study goes on to state that this is a direct result of less affordable housing, capital gains to incumbent homeowners, and increased property taxes over time. After exploring the reason for higher costs in different municipalities, the report concluded that no evidence shows a higher infrastructure costs of accommodating low density growth.
The data indicates that approvals in West Vancouver take the longest, averaging at 17.7 months. The District of North Vancouver falls below just shortly at 16.1 months on average. Pit Meadows has the shortest waiting time, at only five weeks.
Fraser Institute heard back from 43 homebuilders and developers in the survey they conducted in Fall 2014.