Home sales in British Columbia fell by roughly 6.7–7% in July from a year earlier, weighed down by weakness in the Lower Mainland market, according to multiple outlets reporting on the same regional sales data — Canadian Mortgage Trends put the decline at 6.7%, while CBC and the Toronto Star reported a drop of “nearly 7 per cent.”
The sales weakness comes as B.C.’s government works with Ottawa on a plan to cut development cost charges (DCCs) — fees charged to developers that normally help fund roads, transit, water systems and parks — in high-growth areas. Housing Minister Christine Boyle said the province is in talks with the federal government on where and how much to cut, while compensating municipalities so “local governments aren’t left holding the bag.” She did not specify how much funding might come from senior governments or which areas would qualify, saying final details could be announced in the fall.
The DCC reduction is part of a broader housing partnership announced in June, under which the federal and B.C. governments will match funds over 10 years for up to $3.2 billion to lower development charges for multi-unit housing by up to 50% in priority communities. The package also includes $2.5 billion over 10 years for transportation infrastructure, $600 million over three years for health infrastructure modernisation (matched by B.C.), and up to $50 million over five years for coastal community infrastructure — alongside a plan to convert more than 2,200 unsold condominium units into affordable homes, which drew criticism when first announced as a bailout for developers.
Boyle said local governments broadly support cutting housing costs but want assurance they will be “kept whole.” The Union of British Columbia Municipalities holds its annual convention September 14–18 in Vancouver.
References
The Canadian Press (constructconnect.com) – Housing minister says B.C. in talks with Ottawa over cutting development cost charges / Canadian Mortgage Trends – Lower Mainland weakness pulls B.C. home sales down 6.7% in July
