Quote:
Originally Posted by blankall
Firstly I dispute your numbers. They also don't take into account the quality of housing being supplied. With the exception of Surrey, which saw a bunch of row type housing, although nowhere near the downtown core, there's been almost no row or semi-detached housing:
https://www03.cmhc-schl.gc.ca/hmip-p...Name=Vancouver
The vast majority of the housing is small condos, and most of the construction, generally, has been in Surrey. You can still buy places in Surrey for $500/square foot. Don't know what that has to do with increasing supply in Vancouver. |
I mean, it's all part of Metro Vancouver. People who can't afford to live in Vancouver proper move to the suburbs like they do everywhere else.
And if condos that no one wants are in massive oversupply, then why have they risen in price at almost the same rate as other forms of housing in Metro Vancouver? Over the last 15 years:
Condos: +98%
Townhouses: +113%
SFH: +148%
Yeah, SFHs have risen more than the other two because their supply is constrained due to being in an urban area. But as you say there's no shortage of condos in Metro Vancouver, yet their prices have skyrocketed. As for Surrey, even with all that construction, condo prices have gone up 160% in the last 15 years, significantly outpacing the price increases of any form of housing in the City of Vancouver.