After 30 years of building Towers-and-Skytrain Metro Vancouver is in a Housing Crisis. What’s behind it?

VANCOUVER BUNGALOWS INCREASED IN VALUE 1,167% IN 30 YEARS
30 years after the first Skytrain was built single family home prices in Vancouver have shot up by 1,167%. Far outpacing wages, inflation in property values puts in question the ability of the middle class to ever own a home:
“I want to keep home ownership within the grasp of the middle class in British Columbia,” said British Columbia Premier Ms. Clark at a news conference in Victoria, 27 July 2016, nine months and 13 days ahead of the next provincial elections—where she was ousted.
At these prices the Canadian Dream of owning a home is ruled out not just for median income earners, but for almost everyone else. Never mind working folks who used to be able to afford paying down a mortgage on a house as their primary family investment. Three forces have shaken the property markets. All originate in areas of government oversight and regulation: the shift in urban paradigm from suburban to Towers-and-Skytrain; the Agricultural Land Reserve; and Chinese flight capital washing on-shore.
Continue reading “Vancouverism @30: The Housing Crisis”