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How is Vancouver dealing with the housing crisis?
Most Vancouverites understand at some level that the housing crisis requires a bold response. With boldness, comes, yes, controversy. But the city, through the land it owns and the power it has over land value exercised by the instruments of zoning and development taxes, has all the power it needs to fix this problem.
How does adding density affect housing prices in Vancouver?
Adding density does not reduce home prices, or rents. In Vancouver, we’ve seen adding density merely increases the value of the land beneath denser projects, which face little downward price pressure because they remain desired assets for wealthier buyers. This drives unit costs beyond affordability for average wage earners.
Where does the housing market in Vancouver rank?
Metro Vancouver’s real estate frenzy is out of control. Vancouver now ranks as the third least affordable housing market of some 367 global metropolitan markets analyzed in Demographia International’s 12th Annual Housing Affordability Survey, for 2016. Just yesterday, the Vancouver Board of Trade released a major new report.
Why are there so many affordable homes in Vancouver?
Zoning restrictions, permitting processes, density barriers, development cost charges, and a lack of readily developable government-owned land have all depressed the supply of affordable homes.
Last Update: Oct 2021
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