Joe Varing joined UDI’s Fraser Valley Forecast panel on February 27, 2026 to share insights on development land, market pressures, financing, fees, and emerging opportunities.
At UDI’s Fraser Valley Forecast panel, the discussion pointed to a market facing real pressure, but also one where opportunity remains for groups that are well-positioned, disciplined, and able to move strategically.
Broader panel themes
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The cost-of-delivery challenge is structural, not temporary, with construction costs, government charges, softer revenues, and tighter capital continuing to pressure project viability.
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Municipal tone has improved in some markets, and that greater responsiveness is meaningful in a climate where timing and certainty directly affect feasibility.
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Financing remains selective, and strong lender relationships are more important than ever.
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Opportunity still exists, particularly where land is trading on better terms and experienced groups are able to capitalize on shifting market conditions.
JOE VARING'S INSIGHTS
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SSMUH is a positive concept, though Joe noted the rollout could have been more measured and that further refinement and practical regulation may still help improve implementation.
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Municipal and Metro Vancouver fees remain a significant concern. Joe emphasized that greater transparency is needed around why fees continue to rise and how those funds are being allocated.
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Certainty matters. From Joe’s perspective, once an application is in process, there should be greater protection against shifting fee assumptions, as unpredictability adds pressure to land values and makes pro formas more difficult to underwrite.
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Project feasibility is becoming more challenging, but that is also creating openings. Joe noted that while higher costs and fees are making deals harder to structure, improved entitlement terms in some situations are creating opportunities for developers who are ready to act.
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Land financing is more conservative today. Joe highlighted that lenders are underwriting with greater caution, which is placing more pressure on land and equity and requiring buyers to be increasingly disciplined.
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Stress is becoming more visible in the alternative lending space. Rather than viewing that negatively, Joe’s point was that this is part of a market reset, and it is creating opportunities for experienced groups able to navigate more complex situations.
Bottom line
"The industry shares a common objective". The developers, lenders, municipalities, and industry groups all benefit from a more predictable, workable, and transparent development environment.
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