Smarter people than I have already responded to the recent furor about John Rose’s working paper, which is (part of?) the result of one year of research on affordability by the author, arguing that Vancouver has no supply problem. Most notably Nathan Lauster in a series of blog posts taking a look at the theoretical framework and methods used and running some numbers himself. I don’t have much to add to the first post, which took the time to highlight some of the useful demand measures that are either already implemented or currently under discussion and makes the point that the idea that we have enough housing in Vancouver, especially enough rental housing, requires an extraordinarily strong argument in the face of sub 1% rental vacancy rates.
Currently we are at record levels of dwelling units under construction in Metro Vancouver. At the same time, we are also at record timelines from building start to completion. Those two are of course related in that the more projects are being worked on simultaneously, the harder it is to find and coordinate all the labour and materials to finish the projects. There are other reasons too for escalating construction times.