Sasquatch, the Loch Ness Monster and the relationship between housing supply and affordability. It’s an unlikely trio that belongs to the realm of the mythical – at least, that’s the contention of a Kwantlen Polytechnic University professor who crunched 15 years of housing numbers and concluded Metro Vancouver has produced more than enough supply to meet demand. For every 100 new households, Metro Vancouver has built 119 new housing units, John Rose contends.
There will doubtless be sufferers of tower fatigue who will use the study as grounds for opposing every construction project. And it’s true supply has utterly failed to exert any gravity on the North Shore’s astronomical housing market. Over the past decade, benchmark home prices in North Vancouver and West Vancouver have risen 98 and 106 per cent.
But even if Rose’s conclusions are correct and we do have enough physical houses, that still doesn’t mean we have an adequate housing supply. That’s largely because we’re burdened with a more than adequate supply of Airbnbs, empty homes, and speculators.
While the foreign buyers tax has helped, we still need senior levels of government to make a simple declaration: if you’re not going to live here then your money’s no good here. We also need our municipal governments to keep a closer eye on developers who walk in the front door preaching affordability and walk out the back door hawking luxury living.
Rose is slated to release his report this Friday. We hope all levels of government will examine it closely because for far too many trades workers, nurses, and teachers, the real myth is an affordable place to live on the North Shore.
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