Homebuyers Shun New Real Estate in Vancouver, Hurting Builders [BNN Bloomberg (Canada)]
Royal Bank Of Canada (RY)
Last royal bank of canada earnings: 2/21 06:00 am
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Source: BNN Bloomberg
There's just one problem — not enough buyers are showing up. With mortgage rates still near their highest levels in more than a decade, some condo developers are struggling to generate enough early interest in projects to get them built. Homebuilders in the province of British Columbia are constantly against the clock: it has a law that gives them just 12 months to market their projects, collect enough deposits and secure the financing to build. They can ask for more time — but at that point, consumers may also be able to ask for their money back. Developers have begun lobbying the provincial government to relax the rules to allow them more time to sell. And it's become common for Vancouver builders to apply for extensions to the city's deadlines on approved projects. New home sales dipped 20% in metro Vancouver last year, while inventories have climbed in recent months. New concrete condominiums jumped to 6,672 in the fourth quarter — up about a third from the previous quarter,
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RY
Earnings
- 2/28/24 - Beat
RY
Sec Filings
- 5/3/24 - Form 424B2
- 5/3/24 - Form 424B2
- 5/3/24 - Form 424B2
- RY's page on the SEC website