Urban Development Institute

Over 1,000 industry voices. One urgent message. We can’t build homes for British Columbians if the people who build them are being laid off and projects are falling into receivership. Thank you to everyone who attended our sold-out luncheon with Premier David Eby and Bob Rennie last Friday. With over 1,000 people in the room, from industry leaders to government partners, the message was clear: this industry wants to be part of the solution. But we need support to survive. Bob spoke to the growing anxieties shared by many in our sector, and Premier Eby heard them echoed across a packed ballroom. This event wasn’t just a conversation; it was a collective signal that B.C.’s development industry is in trouble, and without political courage, collaboration, and action, the path forward becomes even harder. Thank you again to Premier Eby, Bob Rennie, our Lead Sponsor, @dentonsglobal Supporting Sponsor, @informprojects and Associate Sponsor, Canada Lands Company for their generous support. Our voices don’t end at the luncheon. UDI continues to push for real change, and we’re grateful you showed up to help amplify that message.

We are pleased to announce that Michael Drummond has been appointed CEO of @udibc Michael previously served as UDI’s Executive Vice President before stepping into the Interim CEO role during one of the most critical periods in BC’s housing sector. His appointment marks an important milestone for the organization, becoming only the third CEO in UDI’s modern history. Under his leadership, UDI has strengthened its advocacy efforts and public voice on housing and economic policy issues across British Columbia. Please join us in congratulating Michael on his appointment.

Rising costs, tighter financing, and increasing complexity are changing how the construction and development industry operates. The latest Women of UDI (WUDI) blog features Joanne Seto, Vice President of People and Talent at @axiombuildersinc and Jenn Millerd, Vice President of Development at @shapeproperties_ , on the leadership shifts, industry pressures, and changing ways of thinking shaping how projects get delivered today. An insightful read for anyone navigating development, construction, or housing delivery in today’s market. Read the full article: Link in our bio

What an incredible afternoon at UDI Capital Region’s Spring Social at Craft Beer Market! The event was sold out and filled with great energy as members of the development community came together to connect, catch up, and enjoy a relaxed late-afternoon in Victoria's Inner Harbour. A sincere thank you to our sponsors for making the event possible: @bty_group , @nextenvironmental , @ingridjarisz / @newportrealtyoffices , @aplin_martin , and @powerhausmortgages . We appreciate everyone who joined us and helped make the Spring Social such a success—looking forward to seeing you at the next UDI Capital Region event!

In February 2026, only 64 presale homes launched across the entire Lower Mainland — 6% of a typical February. No single policy did this. Ask any developer trying to build housing in BC today and you won’t hear about one catastrophic decision. You’ll hear about a list: Development Cost Charges. Community Amenity Contributions. Amenity Cost Charges. School site acquisition charges. Foreign buyer policies. Inclusionary zoning. Green building requirements. Approval timelines lasting years, with financing costs compounding the entire time. Together, the project no longer works. It is the accumulation of individually defensible, well-intentioned decisions, each carrying a cost someone pays. Builders absorb it in shrinking margins. Buyers absorb it in prices they can no longer afford. Renters absorb it in rising rents. Presale launches at 6% of normal is not a market correction. It is a system that has stopped functioning. Presales are the financial engine of new housing construction. Without them, lenders won’t advance financing. Without financing, shovels don’t go in the ground. Years of policy-driven cost accumulation have pushed the floor of what it costs to build past the ceiling of what buyers and renters can pay. When those numbers stop meeting, projects don’t launch. Metro Van housing starts have declined 18% in the last two years. CMHC expects more condo projects to be postponed or cancelled through 2026, with impacts stretching into 2027 and 2028. The uncertainty layered on top makes it worse. Developers, lenders, and buyers are being asked to make multi-year commitments while costs and rules keep shifting. Cost kills individual deals. Uncertainty kills entire pipelines. The problem is not intent. Governments have introduced these policies with legitimate goals. The problem is that no one is adding them up. Before introducing one more measure, governments need to ask: what is the system already carrying? Because 6% of a typical February is not the floor. It is another warning.

Amazing evening hosting the Urban Development Institute, in partnership with Graham, Gracorp and MCM Architects. It was incredible to see industry stakeholders from across development, design, planning, and construction come together for an important conversation around accessible and adaptable space planning. These are the types of discussions that help move projects, communities, and our industry forward. When different perspectives are brought into the same room, we create better opportunities to plan spaces that are more thoughtful, inclusive, and responsive to the people who will use them. Thank you to UDI and everyone who joined us for such a meaningful event.

Here's what you missed at The Future of Rental: Trends, Challenges and Opportunities hosted by the Women of UDI The market has shifted, and the data tells the story. New lease-up vacancy is now 10.7%, while stabilized stock remains under 2%. That gap reflects a market adjusting in real time. Technology is changing the leasing environment as well. Prospects are arriving informed, and digital leasing is no longer optional. For the first time in decades, renters have real choice. And that's forcing a reset. The old ways of “build it and they will come” no longer works. Today, the best product absorbs first. That means better unit layouts, livability, and amenities that are designed to perform, not just exist. It also means bringing the right people into the conversation earlier. Construction, operations and asset management can no longer happen in silos. If the operator isn’t in the room during design, the project pays for it later. At the same time, the biggest risk has shifted. It’s no longer construction cost uncertainty driving pro formas. It’s revenue. Net effective rents, concessions, and slower lease-up are now what investors are watching most closely. And increasingly, projects are moving forward through partnerships. Across non-profits, pension funds, Indigenous landowners, and government, collaboration is becoming essential. There is also a window right now. While many projects are on hold, this is the time to rethink, build stronger partnerships, and be ready for what comes next. Thank you to our panelists for a thoughtful discussion: • Andrew Charney, @nchkay • Vera Liu, KingSett Capital • Monica Morgan, @cltrust • Barrett Sprowson, @petersonrealestate Moderated by Nicole Jerick @njerick And thank you to our sponsors: Lead Sponsor: @bluecityconstructionca Silver Sponsors: @vanmar_constructors_bc and @dys_architecture

Across Metro Vancouver, thinking is starting to shift. This was the clear takeaway from our luncheon, From Policy to Practice: Regional Planning Perspectives, this morning. Municipalities in Metro Vancouver are starting to see the smoke. The industry is already on fire. That shift is now starting to show up in real decisions: scaling back requirements, revisiting fees, and focusing on what is actually necessary to move projects forward. It is also forcing a broader reset in how we approach policy and delivery: • Rebuild the framework around what actually supports delivery • Focus on what's essential • Acknowledge that cumulative requirements directly impact viability For over a decade, Metro Vancouver operated in a market that did not force these questions. Strong absorption and rising prices masked the true cost of the system. Today’s market does not. When costs exceed what the market can support, projects stop, and housing delivery slows accordingly. There is growing recognition that viability matters, silos within municipalities must be broken down, and the cumulative cost stack across all levels of government must be part of the conversation. The key now is ensuring this shift is sustained. Without structural change, there is a real risk of reverting once market conditions improve. Thank you to our panelists Johannes Schumann (@cityofburnaby ), Andrew Merill (@cityofcoquitlam ), and Josh White (@cityofvancouver ), and to our moderator Tracy McRae (@theanthemway ), for this important discussion.

Ontario is moving on housing tax relief. B.C. now has an opportunity to follow. This week, the federal government introduced Bill C-26, which includes $1.7B to support housing supply. The funding could be used to reduce development fees or deliver tax relief on new homes. At the same time, Ontario expanded its HST rebate to all new homebuyers for one year to help get projects moving and bring buyers back into the market. UDI has written to the Prime Minister calling for the same GST relief in B.C. We have also shared that request with Premier Eby and Minister Christine Boyle and are continuing to follow up with both levels of government. GST relief is one of the most effective ways to address unsold inventory and support buyers, especially those approaching presale completion. We will keep advocating on this and keep members updated as things move forward.

Strong turnout at our recent W39th site tour hosted by @grahamconstruction and U40. Attendees gained firsthand insight into construction progress, safety innovations, and delivery strategies for this purpose-built rental project in the Oakridge neighbourhood. A guided walk-through of key site areas, including a finished mock-up suite, brought the project’s design vision and challenges into clear focus. Thank you to the Graham team for hosting and to our members for another engaged and thoughtful afternoon on site.

270 people joined UDI for our largest Celebrating Women event yet The panel reminded us that uncertainty creates opportunity. Through partnership, diverse perspectives, and a willingness to learn from one another, we shape the future together. We were fortunate to hear from an outstanding panel: Deana Grinnell, @clc_sic Jennifer Podmore Russell, @nchkay Jennifer Woolley, Warrington PCI Management and our Moderator, Jenny Chan, @lifeatbgo Thank you to the Women of UDI (WUDI) committee for hosting and to our sponsors for making the evening possible. Presenting Sponsor: @mosaic_homes Platinum Sponsors: Pontem Group, @scotiabank Gold Sponsors: @axiombuildersinc , Richards Buell Sutton LLP, Path Developments Silver Sponsor: @grahambuilds Bronze Sponsors: Terra Housing, @refbc , Aplin Martin, @vanmar_constructors_bc , @ventanaconstructioncorp , Gowling WLG, @rogers Audio Visual Sponsor: @secondnarrowstech

ICYMI: Five Clear Signals from our Sold-Out Fraser Valley Forecast 1. The cost-of-delivery crisis is structural, not cyclical. In some cases, the cost to build and sell a home has more than doubled since 2013. Government fees, particularly Metro Vancouver DCCs, continue to pressure pro formas. Revenues are softening. Equity is tightening. Condo financing remains extremely difficult, with foreclosures increasingly visible, especially in private lending. This is not a short-term wobble. It is a structural challenge. 2. Municipal tone has improved, and that matters. Engagement in places like Surrey and Mission feels more collaborative and responsive. In a market where timelines and certainty determine viability, that shift is meaningful. 3. Financing is tight, and relationships matter more than ever. Capital is cautious. Equity requirements are up. Developers with strong, long-standing lender relationships are navigating the pressure better. Trust and timing flexibility are critical right now. 4. Purpose-built rental is not a universal fallback. Some projects have shifted to rental, but it is not a magic exit strategy. In the Fraser Valley, absorption and achievable rents do not always support the economics. Product decisions must be regionally grounded, not reactive. 5. There is an opportunity for those positioned to move. Land is trading on better terms. Sellers are more flexible. Construction costs are stabilizing. If GST clarity brings sidelined buyers back, momentum may follow. Broader applicability will be required to generate meaningful market lift. These were the themes that emerged from a candid and lively discussion at our sold-out Fraser Valley Forecast luncheon. Thank you to our panel: - Jamie Squires (@fifthavenuerem ) - Rick Johal (@zenterra ) - Ryan Lucy (@polygonhomes & @morningstarhomes ) - Joe Varing (@varingmarketinggroup ) And thank you to our sponsors for supporting this important conversation: Lead Sponsor: @td_canada Associate Sponsors: @avison_young_global and @mcquarrie_lawfirm Spotlight Sponsor: @rogers Patron Sponsor: @kpmgcanada