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Depends on what one's opinion of 'the housing problem' is. The new taxes (coupled with stricter lending rules) have had a remarkable effect on land values. Det
by Tiktaalik 7y ago
Depends on what one's opinion of 'the housing problem' is.
The new taxes (coupled with stricter lending rules) have had a remarkable effect on land values. Detached home sales are at 20 year lows and we're seeing 25-30% declines in prices.
https://twitter.com/SteveSaretsky/status/1126176658816290816 https://twitter.com/SteveSaretsky/status/1126176658816290816
Rents haven't plunged, but there's evidence that the rises in rent have stalled out. The amount of multi-unit developments under construction is unprecedented[1], with tons in the pipeline, so I'd expect the sub 1% vacancy rate to rise and rents to moderate.
[1] https://twitter.com/YVRHousing/status/1126269398606438400 https://twitter.com/YVRHousing/status/1126269398606438400
- NotSammyHagar 7y agoThanks for those two interesting sources. It'd say prices are going down, sales are slowing because people are shying away from buying rapidly depreciating assets, but those homes are still way over what they should cost in general. When prices come down to match reasonable value from other similar areas (with perhaps some extra value for being in Vancouver) then sales will come back.