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> Sadly the rest of the development in Vancouver is no where near the pace it needs to be to keep housing prices down, so this is merely a drop in the bucket.

> Sadly the rest of the development in Vancouver is no where near the pace it needs to be to keep housing prices down, so this is merely a drop in the bucket. This is by design. The Vancouver market is aimed at rich foreigners trying to park questionnably acquired assets in a western jurisdiction. Often the house(s) will even be counted as "investment" to acquire citizenship. The income to house price is way better barely three hours south in the Puget Sound anyways. > I kind of wish developers would just start developing multi-plexes illegally. Why would they? They cost more to build, Create more supply and the buyers aren't price sensitive (remember, they are getting dirty money out of China). Better make sure there's as little supply as possible to get the best price.

lwansbrough 5y ago
> This is by design. The Vancouver market is aimed at rich foreigners trying to park questionnably acquired assets in a western jurisdiction. Of course Vancouver’s market is appealing, but it’s not because of foreign induced demand. Do you know anybody who doesn’t want to own a home here? 96% of housing purchased in BC is traceably domestic. There simply isn’t enough housing to meet the demand even amongst domestic buyers! > Why would they? They cost more to build, Create more supply They only cost more to build because of zoning bylaws. I’m not a building contractor but I have to imagine the cost per square foot is much lower for a low rise if you don’t have to factor in Comprehensive Development permits and community feedback sessions. Making development more financially accessible would also create new opportunity for smaller developers. It is Vancouver that has created the problem for itself, which creates the right circumstances for foreign investment to be lucrative, but it is very easy to solve. Just flood the market with supply.
- 908B64B197 5y ago
  > 96% of housing purchased in BC is traceably domestic. There simply isn’t enough housing to meet the demand even amongst domestic buyers! I wonder what qualifies as a "domestic" buyer. Does a Canadian corporation counts? Considering the real estate investment craze started in the 90's, with birth tourism it's now possible for investors to register the properties under their children's name. I'd be lying if I said I've never met anyone who did that. > would also create new opportunity for smaller developers. That's precisely what the existing developers don't want!

lwansbrough 5y ago

> This is by design. The Vancouver market is aimed at rich foreigners trying to park questionnably acquired assets in a western jurisdiction. Of course Vancouver’s market is appealing, but it’s not because of foreign induced demand. Do you know anybody who doesn’t want to own a home here? 96% of housing purchased in BC is traceably domestic. There simply isn’t enough housing to meet the demand even amongst domestic buyers! > Why would they? They cost more to build, Create more supply They only cost more to build because of zoning bylaws. I’m not a building contractor but I have to imagine the cost per square foot is much lower for a low rise if you don’t have to factor in Comprehensive Development permits and community feedback sessions. Making development more financially accessible would also create new opportunity for smaller developers. It is Vancouver that has created the problem for itself, which creates the right circumstances for foreign investment to be lucrative, but it is very easy to solve. Just flood the market with supply.

908B64B197 5y ago
> 96% of housing purchased in BC is traceably domestic. There simply isn’t enough housing to meet the demand even amongst domestic buyers! I wonder what qualifies as a "domestic" buyer. Does a Canadian corporation counts? Considering the real estate investment craze started in the 90's, with birth tourism it's now possible for investors to register the properties under their children's name. I'd be lying if I said I've never met anyone who did that. > would also create new opportunity for smaller developers. That's precisely what the existing developers don't want!