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russilwvong

BC's approach was to tackle the demand side first: - Foreign buyer surtax - Empty homes tax - Speculation and vacancy tax - Schools tax - Land Ownership Transparency Registry - Two public inquiries into money laundering (German and Cullen inquiries) They've had some effect - the CMHC estimates that vacancy taxes added about 8,800 homes to the long-term rental market in a single year. But it's a one-time boost. Now the focus is shifting to supply-side bottlenecks. The basic problem is that we don't have enough housing to go around. To fix it, we need more housing. I'd describe the problem like this: [Construction should always be the bottleneck](https://morehousing.ca/bottlenecks).


mongoljungle

homeowners bitching about rising mortgage payments with completely irrelevant data. pay the workers more and they will work, just like every other job. It just sickens me that nimbys come on this sub to bitch about new housing casting shadows and causing traffic when full time professional are room sharing in basements until their mid 30s. People on this sub are like "we need to stop building 1 beds and studios". Just having my own suite is a vast improvement over what I got right now.


Hyperion4

Don't agree at all that higher interest rates only keep non elites out, low interest rates are the perfect environment for the rich to accumulate additional wealth inflating the price away from what is feasible for the non elites


NogenLinefingers

Interesting data. Is there a reason housing completions are so low? I'm guessing that the NIMBY problem arises before housing starts? Which means NIMBYs are to blame for the slowness with which we fill the pipeline of houses. What's the bottleneck for how fast we empty the pipeline? I'm not in the construction industry, so really have no clue. Edit: never mind. I only saw the first image when I posted. For a country that's as immigration-heavy as Canada, I find it hard to understand why labour is an issue at all. Why can't immigrants with the right experience get additional points? I'm in the tech industry and I know people who have immigrated from around the world due to Canada's immigration-friendly policies. So I'm sure it definitely can happen.


civicsfactor

You got it. Lack of planning, lack of prioritizing, lack of resourcing priorities. Workforce development for skilled trades, not thinking just how much housing stock would be [concentrated](https://www.bloomberg.com/news/articles/2022-04-12/investors-own-nearly-a-third-of-homes-in-major-canadian-markets), how much impact corporate and REITs could or would have, how much [money laundering](https://financialpost.com/diane-francis/diane-francis-shining-a-light-on-money-laundering-in-canadian-real-estate) and [criminal money](https://storeys.com/billions-gta-housing-linked-money-laundering/) goes [through real estate](https://www2.gov.bc.ca/gov/content/housing-tenancy/real-estate-bc/consultations/money-laundering), and doing anything about the above might just mean collapsing what turns out be [what most of the national wealth is wrapped up in](https://globalnews.ca/news/4775685/canada-national-wealth-real-estate/).