Tuesday, April 2, 2024

Toughest time ever to afford a house in Vancouver, Canada

 https://vancouversun.com/news/toughest-time-ever-to-afford-a-house-vancouver-in-full-blown-crisis-rbc-report

If developers were allowed to build, Toronto, Melbourne, Sydney & Brisbane size towers, as long as they also built some commonly affordable rental buildings, that would be an incentive. Sure, developers can build sky-high in Dubai, NYC & Chicago, but that's usually just for luxurious condo suites.

If developers in Vancouver & BC in general want to build much taller towers, they should also build a lot of low to mid-rise commonly affordable condominiums & rental units. Thus, by doing that in tandem, would allow them to build, Toronto, Melbourne, Sydney & Brisbane size towers. 

Unfortunately, unless the very strict Vancouver height limitations are updated to proper big city standards, semi-tall luxurious condo towers will be built, but with no incentive for developers to build a lot of affordable housing for a much larger market.