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VSB has spare capacity outside the core, and insufficient capacity inside the core. They have a lottery for dealing with the excess demand. See
this CBC article for more detail. "As for the province, there's no money in its capital plan for any new schools in Vancouver, only for replacing existing ones. Education Minister Rob Fleming told local politicians last year that the province's priority in Vancouver was seismically upgrading current schools — while building new schools in other areas of the province with population growth."
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