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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The only way demand changes is probably changes in interest rates, or maybe tightening qualifying again. But qualifying changes haven't worked so far... the big problem with those is that they're nationwide solutions to a Toronto/Vancouver problem. Calgary doesn't need higher interest rates
Supply the government has more control over, but the city, the province and existing homeowners are all very much FYGM.