The elephant in the room is that the probability for the foreseeable future is that population remains flat in BC. Considering the high unemployment rate in Ontario and elsewhere it is likely that immigration is going to be kept on the lower side.
Considering the number of units under construction, the question becomes at what point are we building for ghosts?
Thanks Steve, maybe just for fun look at the question of how many units do we need each year if the population stays basically flat.
great observation! But the "industry" does not care. It is ALL about increasing land values - it has absolutely nothing to do with the better good or providing necessary housing. A country founded on real estate speculation has allowed the game to go on so long to such an extent that the very sovereignty of the nation is in danger. Yup construction does keep folks busy - but so does digging holes and filling them back in - so does war. Neither is productive necessary or smart. So - why on earth build product that is undesirable ( tiny expensive chicken coop sized units high in the sky) for folks who do not even exist? But the upzoning game is VERY VERY profitable. And our housing "prices" (read land values) are sky high - if they fall - every homeowner every lending institution will suffer. It is a highly predictable totally foreseeable disaster. And the "industry" wants more - reduce HST reduce development charges - subsidized housing. Incredibly bad policy!
Thanks, Steve, for reiterating what most can see, except for the housing minister. Most people are unaware that the problems resulted from Mr. Carney’s monetary policy and the government’s immigration policy. Now we’re asking the government for a solution? Might be appropriate to listen to Milton Friedman. 😳🤔
The elephant in the room is that the probability for the foreseeable future is that population remains flat in BC. Considering the high unemployment rate in Ontario and elsewhere it is likely that immigration is going to be kept on the lower side.
Considering the number of units under construction, the question becomes at what point are we building for ghosts?
Thanks Steve, maybe just for fun look at the question of how many units do we need each year if the population stays basically flat.
great observation! But the "industry" does not care. It is ALL about increasing land values - it has absolutely nothing to do with the better good or providing necessary housing. A country founded on real estate speculation has allowed the game to go on so long to such an extent that the very sovereignty of the nation is in danger. Yup construction does keep folks busy - but so does digging holes and filling them back in - so does war. Neither is productive necessary or smart. So - why on earth build product that is undesirable ( tiny expensive chicken coop sized units high in the sky) for folks who do not even exist? But the upzoning game is VERY VERY profitable. And our housing "prices" (read land values) are sky high - if they fall - every homeowner every lending institution will suffer. It is a highly predictable totally foreseeable disaster. And the "industry" wants more - reduce HST reduce development charges - subsidized housing. Incredibly bad policy!
Thanks, Steve, for reiterating what most can see, except for the housing minister. Most people are unaware that the problems resulted from Mr. Carney’s monetary policy and the government’s immigration policy. Now we’re asking the government for a solution? Might be appropriate to listen to Milton Friedman. 😳🤔
Love how much that pre-construction sales chart resembles the volume of Venture Capital flowing into tech startups over time.
It's almost like they have wilful blindness.