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Registered new homes data are a leading indicator of housing and economic activity in British Columbia. 1
1 - Bank of Canada, 2016. New Housing Registrations as a Leading Indicator of the BC Economy. Document available at: http://www.bankofcanada.ca/wp-content/uploads/2016/02/sdp2016-3.pdf
2 - "Registered new single detached homes" refers to new single detached homes enrolled with home warranty insurance or with Owner Builder Authorizations issued by the registrar designated by BC Housing under the Homeowner Protection Act.
3 - As of August 2016, calculations of “registered new homes in multi-unit buildings” include new homes in multi-unit buildings (two or more dwelling units) enrolled with home warranty insurance, and new homes in multi-unit rental buildings which are exempt from home warranty insurance.
4 - “Owner Builder Authorizations” refers to Owner Builder Authorizations issued by the Registrar of Builder Licensing. Individuals building a single home for their own personal use and who directly manage the construction of the new home may obtain an Owner Builder Authorization and be exempt from licensing and home warranty insurance.
5 - “Rentals exempted” refers to new homes in multi-unit rental buildings that qualify for exemption from home warranty insurance. These exempted homes must be constructed for rental purposes, including social housing, and have a restrictive covenant registered on title restricting the sale of any dwelling unit for a 10-year period.
6 - “Registered new single detached homes” refers to new single detached homes enrolled with home warranty insurance or with Owner Builder Authorizations issued by the Registrar of Builder Licensing.
7 - As of August 2016, calculations of “registered new homes in multi-unit buildings” include new homes in multi-unit buildings (two or more dwelling units) enrolled with home warranty insurance, and new homes in multi-unit rental buildings which are exempt from home warranty insurance.
8 - In this report, the five year average is the average of the most recently completed five years.
9 - As of August 2016, calculations of "registered new homes" include new homes in multi-unit rental buildings.
1 - Refers to the number of new Licensed Residential Builder Licences issued and renewed including licensees who are dually licensed as Licensed Residential Builders and Licensed Building Envelope Renovators.
Note: Data is provided by the following warranty providers:
- Aviva Insurance Company of Canada, represented by National Home Warranty Group Inc.
- Northbridge General Insurance Corporation
- Echelon General Insurance Company, represented by Pacific Home Warranty Insurance Service Inc.
- Travelers Insurance Company of Canada
- WBI Home Warranty Ltd.
“Claims Received” means a written notice from an owner in keeping with Part 2, Section 16 of BC Regulation 29/99, including copies to the warranty provider of notices sent directly to a licensed residential builder. Subsequent written notices adding items to an original claim do not constitute additional (new) complaints, unless the new notice is submitted after a claim paid status has been previously determined.
“Claims covered” means any claim that results in a warranty provider evaluating the claim in keeping with Schedule 2, Section 3(2) of BC Regulation 29/99 and the determination is that the claim is valid or covered.
“Claims not covered” means any claim that has been inspected and the determination of the claim being not valid or not covered has been communicated to the owner in keeping with Schedule 2, Section 3(3) and (4) of BC Regulation 29/99.
“Claims resolved by builder” means those claims where the original builder has completed the required repairs.
“Claims paid” means any claim where a warranty provider has evaluated the claim and found it (any item within a list of items) to be valid under the terms of the policy of home warranty insurance, and the warranty provider is not able to have the item(s) rectified directly by the residential builder (i.e. claim paid includes claims where a warranty providers pays to resolve a valid claim and recovers from/accesses a letter of credit or other security).
“Mediation initiated by owners” means the commencement of a process as set out in Schedule 2, Section 1 of BC Regulation 29/99. The "trigger event" would be the delivery of a written request to mediate in keeping with S1(2) of Schedule 2.
“Legal actions commenced by owners” means an action commenced in the Supreme Court of BC by an owner with respect to a dispute between a warranty provider and an owner arising under home warranty insurance. The trigger event would be the delivery of court documents to the warranty provider.