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The spiking real estate in Vancouver is detached single family houses, which you cannot increase the supply of in Vancouver. There is some component of demand
by Tiktaalik 11y ago
The spiking real estate in Vancouver is detached single family houses, which you cannot increase the supply of in Vancouver.
There is some component of demand that is buying these single family houses just for the extra space for their family. Rezoning detached houses to slightly more dense row houses will help increase supply for this group. The city is already doing this, but should certainly do more. The city can't do anything about people buying detached houses for investment and prestige reasons.
Vancouver is not SF. It has been building condo towers non stop since the 90s. Rent is not extremely unaffordable and condo valuations have been largely flat in comparison to single family houses.
- sintaxi 11y agoThe issue isn't detached houses so much as the lack of homes in general designed for families (both house and condo). There are very few.
- Tiktaalik 11y agoAbsolutely. Condo developers have been satisfied to build what makes them the most amount of money, which has resulted in heaps of bachelor pads. More three bedroom apartments need to be built. This is a regulatory issue that shows how important the role of government and urban planning is. The city has already indicated that they're going to require developers to include a greater percentage of multi bedroom residences.