The Evolving Role of Real Estate Developers – Roundhouse Radio
Jason Turcotte, Vice President of Development at Cressey Development Group, discusses the evolving role of real estate developers in Metro Vancouver’s affordability crisis on Business in Vancouver on Roundhouse Radio.
In the segment, Jason explains how shifting consumer demands and newly implemented governmental by-laws and policies have placed a financial burden on new housing development, creating additional cost burdens on developers that are in turn being passed along to consumers. These additional costs are in part contributing to Metro Vancouver’s affordability problems.
The role of Developers’ has changed considerably over the last 10 years, and Jason shares the challenges of creating housing offerings within the existing market.
“We {developers} simply do not have land where we are able to go in and develop that is not in an existing neighbourhood – we’re having to re-densify existing areas,” explains Jason, “It’s import to communicate the benefits {new developments will bring to communities} very clearly. I think as part of the development plan, doing a better job of revealing plans for community initiatives and neighbourhood updates upfront will help mitigate frustration.”
He reinforces the importance of creating a dialogue with existing neighbourhoods, and communicating the benefits of re-densification to residents clearly earlier on. Jason advocates for a larger city-wide conversation around planning these areas to ensure all parties are satisfied with the outcome.
To listen to the full segment, please click here.
