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| As 2020 comes to a close, CHBA BC would like to wish its members, partners and other industry professionals a safe and happy holiday season. As we reflect on the past year for the industry, we would like to provide the readers of CHBA BC's Provincial Update a look at the most accessed articles from the year. Our regular publication will resume Thursday, Jan. 7, 2021. |
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10. How extreme weather events affect the residential construction industry
CHBA BC
Extreme weather events are slowly becoming the norm. The province of B.C. sought input on how to build a resilient, climate-ready future and recently completed a Preliminary Strategic Climate Risk Assessment that looked at 15 climate-related risks and their consequences for the province by 2050.
CHBA BC prepared a submission to the Climate Preparedness and Adaptation Strategy that discussed and provided actionable items towards achieving climate adaptation and resilience in B.C.
Read our submission HERE.
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9. Bringing Energy Advisors and Builder Members Closer Together
CHBA BC
Canadian Home Builders’ Association of British Columbia is pleased to announce that as of the new year all licensed energy advisors through the association are now members. CHBA members value collaboration amongst fellow members and have come to trust the member-to-member relationship. CHBA BC encourages strong relationships between builder members and registered energy advisors, proactively furthering these relationships by joining all CHBA BC registered energy advisors into the fold of the association.
You can read the full news release here.
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8. Extension of REDMA Policy Statement 17 Application
Government of BC
To further support consumers interested in acquiring homes and the development community in completing developments, the Superintendent of Real Estate has amended Policy Statement 17 to extend its effect until April 30, 2021. This change was announced on July 15, 2020.
All the other provisions in Policy Statements 5 and 6, including the rights of purchasers to cancel their purchases under specified conditions after 12 months, remain in effect and are unchanged.
View this important bulletin to learn more about the changes.
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7. CHBA BC announces exclusive offer to members with the new Energy Step Code Course
CHBA BC
We are pleased to announce that CHBA BC members can register for our new online Energy Step Code Course, free of charge from May 1 until May 31, 2020. This online course with an exam component carries 12 CPD points and has a value of $499.00. To take advantage of this exclusive offer, you need to be a member in good standing and contact your local association to help you register. Please note there will be a limit of one (1) member per member company allowed to register.
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6. Vancouver Mayor announces plan to help see to greater housing affordability and supply
Mayor Kennedy Stewart
Mayor Kennedy Stewart on Monday announced plans to introduce a revolutionary new housing program called Making HOME (Housing Options for Middle-Income Earners).
Making HOME is a pilot project which would allow homeowners to create up to four market homes on a standard lot, provided up to two additional homes are set aside to be permanently affordable to middle-income households.
CHBA CEO Neil Moody noted that "We applaud the introduction of the revolutionary Making HOME pilot program that will allow up to four market homes on a standard single lot.
This project takes direct aim at some of the housing and affordability issues for Vancouverites who work and want to live in the City and for those who want to stay in their neighborhoods. This zoning flexibility could offer a model for other municipalities in BC to follow and be a game-changer for affordability and supply.”
You can find the full release here.
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- 1st or 2nd mortgages
- Fully open terms
- Quick turn around on draws
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5. 2020-21 Economic Fiscal Update
Government of BC
Minister of Finance Carole James delivered an economic update on July 14, 2020. This presentation covers the highlights of the announcement and the COVID-19 financial impacts.
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3. Increased Rebates for the New Home Program
FortisBC
Starting August 17, 2020, FortisBC will be implementing a variety of temporary changes to their New Home Program in an effort to support builders and homeowners that are looking to find new ways to lower operating costs while building high-performance homes.
Please note that these program changes are only available until December 31, 2021.
Rebate Increases
Option A – Whole Home
- Step 2 - $1,000 increased to $3,000
- Step 3 - $2,000 increased to $4,000
- Step 4 - $4,000 increased to $6,000
- Step 5 - $8,000 increased to $10,000
Option B – Water Heater
- ENERGY STAR® 0.67 EF Storage Tank - $200 increased to $500
- Heat Pump Water Heater - $1,000 increased to $2,000
Additional Rebates
- EnerChoice® Natural Gas Fireplace - $300 increased to $500
Design Offer
FortisBC’s Design Offer is a new incentive offered to builders who are pursuing Step 3, 4 or 5 to offset the costs of engaging consultants. Builders can choose to participate in one, two or all three elements of the offer and receive up to $7,000 to reimburse the cost of the consultants hired to complete the work. For more information on all of these new changes to the New Home program, please visit http://www.fortisbc.com/newhome.
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2. Interim report from the Insurance Bureau of Canada on Strata Insurance
CHBA BC
CHBA BC participated in a strata insurance roundtable on March 17 that was hosted by the Insurance Bureau of Canada (IBC). This roundtable included representatives from the insurance industry, condominium/strata corporations, small businesses, trucking stakeholders, real estate, construction and risk experts to examine the causes and effects of the hardening commercial markets that are forming across the country.
This midterm report covers some of the proposed solutions to this complex issue. It is provided for member reference and is not an endorsement of its contents. CHBA BC continues to engage with the IBC, BC Financial Services Authority and other stakeholders on this important issue, and to ensure strata insurance is not a barrier to homeownership.
You can read the full report here.
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1. Posthaste: The real reason homes in Canada's big cities are unaffordable
Financial Post
In a well-functioning housing market, the market price of a home is close to the cost of construction. If prices are higher than that it is often because regulations or government policy is inhibiting new construction and creating an artificial shortage.
In Vancouver housing regulation costs have added a stunning $644,000 extra cost to an average new house. That is not only the highest in Canada, it is among the highest in the world as a share of market prices.
In other cities – Abbotsford, Victoria, Kelowna, Regina, Calgary, Toronto and Ottawa-Gatineau – homebuyers paid an average $230,000 extra on a new house because of limits on supply driven by regulations, says the report.
Read the full article here.
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