Quote:
Originally Posted by rofina
One thing to add - and this is something I heard 3 or 4 times. A lot of people conflating real estate values going down with vacancies going up. I heard a lot of "well its not a problem any more, real estate is getting cheaper." It would seem like people were trying to say cheaper asset prices somehow have also resolved the 1% vacancy rates.
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Logic has no place in Vancouver. Prices and affordability are loosely related at best but no one understands that as prices are an easy number to look at. Rent has not dropped, rental vacancies have not increased, and less first time buyers are purchasing/entering housing than ever. Supply creation is decreasing while immigration is increasing. None of the stats are pointing to Vancouver being more "affordable". There mostly just so people on the side can laugh as homeowners lose money and are taxed more. The talk about money laundering and foreign buyers as if those have something to do with our vacancy rates being low. I don't know how taking foreign buyers and money laundering away would suddenly create more rental apartments. I can see how this would decrease the amount of rental apartments though.
If you look at the latest stats, most don't think Vancouver is any more affordable than pre-tax.
https://www.livabl.com/2019/06/bc-reside...e-housing-initiatives-arent-helping.html