The future of the North Shore

On March 17, the North Shore/Sunshine Coast/Sea-to-Sky division hosted City Hall 2006 at the Capilano Golf and Country Club. Local experts, including Canadian Mortgage and Housing Corporation senior market analyst, Cameron Muir, spoke about planning, development and the future of North Shore communities.
    According to Muir, B.C. is in the middle of robust growth. We are seeing an increasing number of people move to B.C., which drives the demand for housing and the increasing price of homes. Muir does not see any indication of prices dropping, but warns, “If mortgage rates climb faster than predicted, it will have a debilitating effect on the housing market.” Muir says there is no bubble, but housing prices might flatten out or decline slightly. It will be a “soft landing” due to the strong economy.
    There were fewer housing starts in 2005 than in 2004, mostly attributed to rising construction costs and limited land supply. Many projects won’t be completed on time or within budget due to labour constraints. This concern was echoed by Grant Turnbull, president of Turnbull Construction Services Ltd as he talked about the District of North Vancouver’s Lynn Valley Library project. Construction costs are currently escalating at one per cent per month, forcing developers to take cost-reducing steps. Turnbull says, “Even after 2010, construction costs are expected to increase eight per cent per year.”
    Some developments you’ll be seeing on the North Shore include the Ambleside Renewal Program, the Sea-to-Sky Highway, the Lynn Valley Library project and the National Maritime Centre