Quote:
Originally Posted by peter12
It's because there has been a politically-stifled supply response to ever-increasing demand for housing across the Lower Mainland.
This is a supply issue.
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This most certainly plays a big role too. Zoning in Vancouver is absurd and archaic. It also seems like very few building permits leak out, and always to the same developers.
The Agricultural Land Reserve doesn't help matters either. I get that they want to preserve the farming land, but a lot of the ALR isn't even being used as intended or at all. I'm sure there are other places than smack dab in the middle of metro-Vancouver that can be used for growing marijuana and setting up large family compounds.
All of that being said, Vancouver has increased supply dramatically. At one point they were facing near unlimited demand, with many units being left empty.
Both supply and demand need to be addressed.