Vancouver remains the second most expensive major housing market in the world after Hong Kong (Demographia International Housing Affordability Study). Since 2017 the NDP has put in place punishing policies that they said would create housing affordability and help increase rental supply. https://business.financialpost.com/executive/posthaste-canadas-two-biggest-real-estate-markets-are-sizzling-again
Vancouver saw a 9.8% increase in sales above the 10-year sales average for October. Average home prices remain unaffordable at $992,900, and landlords are fleeing the city. That’s before today’s announcement from ex-NDPer, now Mayor, Kennedy Steward that he’s increasing property taxes by 43.5% over the next five years.
It gets worse.
HAVAN released an infographic that shows only two Metro-Vancouver municipalities are meeting their 2011-2018 housing supply targets. Instead of fixing the sometimes seven-year wait for planning permission in his City, Mr. Stewart just added to the systemic strangling of new builds in BC.
Builders are leaving BC. Construction companies are telling their workers to prepare for lay-offs in the coming months.
Landlords are selling their properties: caps on rents and new taxes, make it impossible to continue.
Vancouver is missing its housing supply target by 31%.
To fix house affordability, we need housing supply. It’s that simple.
We need to work with Municipalities to increase liveability and affordability in their Cities. That means increasing housing supply with an eye on innovative ideas ensures we have liveable urban landscapes.