Quote:
Originally Posted by blankall
Zoning and limited permitting is definitely playing a massive role in Vancouver. I find the debate on the issue mind numbing, with most people taking a position on either the "supply" or the "demand" side. In reality, it's clearly both supply and demand that dictate a market.
The other issue with Vancouver is that most people who are already established there want to preserve the suburban nature of the city. They love their detached homes and don't want to see densification. They've also become multi-millionaires from the current status quo. They don't want to give up their future "earnings".
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This is true.
But it's also the massive tax earnings BC makes from property transfer tax each year and the cities make from property taxes.
The entire economy functions on high real estate prices at this point.
In a hypothetical world where BC property values dropped... say 60%; we'd be in an economic depression.