42% drop in Vancouver housing starts prompts worry from development advocate

Vancouver is seeing a significant 42% drop in housing starts compared to last July, raising concerns among development advocates who argue that the high cost of building is stifling new construction. This decline signals a broader issue where escalating land, labor, and material costs are making it financially unfeasible for developers to undertake new projects. The situation underscores the urgent need for policy changes to make housing more affordable and accessible in one of Canada's most expensive real estate markets.