The real problem with Vancouver’s outrageous house prices

[WBC]

The other problem is that government does not really control supply. Government does not build housing. They at best re-zone. Even if tomorrow they re-zoned entire MetorVan for high density residential that does not mean that developers would start building 10 times more units then before. Some developers are more then happy to sit on land for years and decades until they get the deal right. They are not stupid - they are not just going to build to flood the market and get themselves in trouble.

Where I think the government made a colossal mistake (in terms of affordability) is when they got out of building co-op housing (like they do in Northern Europe). IMHO, CHMC should be in the business of underwriting co-op housing and not insuring private mortgages.