Quote:
Originally Posted by chowhou
In my defense, I didn't ask for the comparison. All I have to say is there's really nothing making it hard to build housing in Metro Vancouver other than government intervention. There's alway going to be rent-seekers who want price controls to make their lives easier at the expense of others, but that doesn't change the fact it's bad policy.
As an aside, it's funny how in the article one of the stats given is how the median house rent has gone as high as $430 per week.
So, if we do the math, average of 52 / 12 = 4.33 weeks per month, $430 * 4.33 = $1862 a month.
Hm, seems similar to Vancouver, right? Wrong. That's house rent. For an entire house in Melbourne. But wait, that's in AUD!
Current exchange rate is 0.88 CAD/AUD -> 1862 * 0.88 = $1638 per month for a house in Melbourne. We could only dream of such prices.
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You're continuing to 'compare' data that have very different contexts. The median rent in Melbourne for a house is lower than it would be here, but you're comparing the median across an area that's nearly 4 times that of Metro Vancouver. What is the median rent for a house in Metro Vancouver anyway? Until the 2021 census data comes out, there's no reliable data. CMHC only survey apartment data because rental properties in Canada are almost always apartments, but in Australia it's more common to live in a house, but they're not necessarily much bigger than an apartment, so data on the rent for a house there, and here, wouldn't be comparing similar accomodation.
But your belief that somehow the lack of rent control makes things easier there isn't supported by their current affordability crisis there. '
Australia's Rental Market Hurtles Toward Disaster',
suggests a problem. 10% rent increases, and yet 40% fewer rental listings suggests things are far from ideal, and for renters are very difficult. And
getting much worse. "Melbourne city and suburban renters are now being forced by their landlords to pay more or find a new place to live, with some reporting rental increases of more than 30 per cent."