(Joint with Nathan Lauster and cross-posted at HomeFreeSociology) TL;DR We develop and elaborate a Montréal Method for estimating housing shortfalls related to constraints upon current residents who might wish to form independent households but are forced to share by local housing markets. Applying simple versions of the Montréal Method to Metro Areas across Canada suggests that Toronto has the biggest shortfall, which we estimate at 250,000 to 400,000 dwellings, depending upon assumptions.
The new CMHC Rms data is out today, and it’s been three years since we did our post on vacancy rates and rent change. That post still gets a lot of views, so maybe it’s a good time for an update. The Rms survey is carried out in October, and the results used to come out in the following month. Checking the date of our post from three years ago it was written on November 28th reporting on the Rms from October 2018.
(Joint with Nathan Lauster and cross-posted at HomeFreeSociology) In this post we look at the most recent population (and household) estimates to see if we can detect any signals concerning how the COVID-19 pandemic may have impacted how (and where) we live. This is inherently tricky; lots of things changed during COVID times, including how well our normal methods of estimation work. That makes time series less reliable, even as we’re especially concerned with how conditions have changed.
(Joint with Nathan Lauster and cross-posted at HomeFreeSociology) When people want to live in your city, how many should you let in? On the one hand, this is a moral question. Do you have an obligation to people who don’t already live here? On the other hand, it’s a moot question. At least in Canada, cities don’t have the power to control migration. BUT WAIT! Cities DO have power over how many new dwellings to allow.
Finally the new 2019 CMHC Rms data is out. As expected, the high-level numbers are pretty bleak. For Metro Vancouver the vacancy rate inched up a tiny bit from 1.0% in October 2018 to 1.1% in October 2019. In the City of Vancouver the vacancy rate similarly crept from 0.8% in October 2018 to 1.0% in October 2019. With the slight uptick in vacancy rate, both areas saw somewhat lower rents increases, with the (nominal) fixed-sample rent increase in the year before October 2019 clocking in at 4.