Quote:
Originally Posted by Bill Bumface
Agreed. Allegedly it takes ~7 years to get a large residential project done end to end in Vancouver now. ~3 years in Calgary. That's going to make it pretty hard to move past our supply crunch and deal with situations such as a mass influx of refugees from Syria or Ukraine.
*I'm no expert, but have a neighbour in the biz that mentioned those timelines.
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There are definitely a lot of people coming in. Net over 1,000,000 new residents per year. I doubt a huge proportion are refugees. Canada is just letting lots of people in. We have a naturally shrinking population, due to low birth rate, but the federal government has a plan to almost triple the population by the end of the century. 100,000,000 Canadian by 2100 is the goal.....they don't, however, have a plan to increase housing supply.
Canada also doesn't seem to have any focus on who they are letting in. Canada desperately needs skilled construction workers, childcare workers, healthcare workers, etc...we don't seem to be addressing that need either, and just bringing in more people to lean on those services.
Canada has decided they like the idea of 100,000,000 million Canadians. They, however, also don't like the idea of repurposing any farmland for residential use or any nature for farmland. Most cities are also very hesitant to increase density.
I'm all for immigration, in fact, as stated, Canada desperately needs many people to work in various areas of the workforce and we need more young people as birthrates are below replacement levels. There clearly needs to be more focus and planning going on though.
Back on topic, housing prices will not be going down drastically as long as these conditions exist.