Vancouver real estate markets is one of the most expensive real estate markets in Canada. Affordability continues to be a challenge for many.
The city's bounded geography, high demand for limited land, and expensive real estate taxes have all contributed to this problem.
Average home prices in Vancouver have risen fourfold since 1995. The average rental rates are higher than most major cities in Canada.
The City introduced an Empty Homes Tax, which levies a 1% tax on all empty or underutilized residential properties. As a measure to address the local housing crisis.
Despite this, average prices of detached homes surpass $1 million dollars in 2019.
Local developers are building more apartments and townhouses to fill the growing demand. While attempting to keep costs low by building more efficiently and sustainably.
The City of Vancouver has also been introducing zoning laws and policies aimed at preventing speculation. That could further drive up prices in the future.
The City has implemented other measures such as rent control rules, temporary modular housing projects, longer term social housing projects, bridge financing initiatives.
An additional new home buyer’s grant was recently announced by the province of British Columbia. Specifically for first time buyers. As an effort to address rising affordability challenges faced by many residents in Vancouver.
In addition to its own efforts, the local government is looking into potential solutions. From surrounding municipalities including taxation strategies and transit improvements. That will help make housing more affordable for everyone involved.