Oh, in the case of canada there's another variable involved: housing quality. The vast majority of the newer buildings they're making are done with poor materials and made by guys with minimal experience in the industry (gotta cut costs somewhere). One of my buddies has been in the construction industry for almost 15 years and did tours of a few of the buildings being put up in vancouver, and according to him these things will be lucky to last the next 10 years without significant foundation issues.
It's no wonder why Australia, Canada, and many US cities have housing crises. Unfortunately, leftists will blame greedy landlords, investors, vacation homeowners, AirBNB, lack of rent control
Rent control (definitely not lack thereof) is a leading cause of a housing shortage. It turns out, if you make building and renting homes unprofitable, so that celebrities can have their New York City homes for $200/month, people will stop doing it.
But of course, immigration is a major factor in many places as well.
1% of a population per year is still horrible. And lets face it, they are never going to keep to that
Oh, in the case of canada there's another variable involved: housing quality. The vast majority of the newer buildings they're making are done with poor materials and made by guys with minimal experience in the industry (gotta cut costs somewhere). One of my buddies has been in the construction industry for almost 15 years and did tours of a few of the buildings being put up in vancouver, and according to him these things will be lucky to last the next 10 years without significant foundation issues.
Rent control (definitely not lack thereof) is a leading cause of a housing shortage. It turns out, if you make building and renting homes unprofitable, so that celebrities can have their New York City homes for $200/month, people will stop doing it.
But of course, immigration is a major factor in many places as well.