Quote:
Originally Posted by VancouverOfTheFuture
supply isn't the problem, the problem is most things being built are high end, many are left vacant and are not put on the market. the population and construction of new properties have pretty much kept up with each-other.
the problem is people using Vancouver real estate as a stock market/bank.
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Cough cough, and what do people who buy housing as an investment do with that housing? They rent it out and provide a home for someone ������
People buying homes as investment do not take away from the rental pool, in fact a large chunk of the rental pool comes from investors.
Right now the rental pool is maxed so we really need more investors. More investors=increased pace of development=more rentals. Scaring away investors means less supply is built as no one can afford the high wages to increase construction more than it already is.
And luxury condos are not what we need right now. However, more luxury condos means a lot of money going to the COV to pay for amenities and social housing (I believe a big chunk of the COV’s budget comes from these now?). Also more luxury condos means people leave their mid level condos so someone else can live in them. So every luxury condo built opens up a home for someone else.
In the end everything is math and economics and no homes are lying empty so it’s clear we need to build build build until we actually have some empty homes like a normal city.