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.
Following up on our previous post on rents and vacancy rates there is another rental stat originating from City of Vancouver documents that is making the rounds and that is misleading. Again, our housing crisis is fundamentally a rental crisis, so it’s important to keep the numbers straight so that we can better focus our energy and resources. This one is a bit more serious, but still has been making the rounds quite broadly on social media.
This post responds to a misconception about rental housing that has been making the rounds. Our housing crisis is fundamentally a rental crisis, so it’s important to keep the numbers straight so that we can better focus our energy and resources. The misconception originate from the 2019 Vancouver Housing Data Book. The data book is a huge effort to compile and has a host of valuable information. Vancouver has been doing this for the second year now, and it is successively getting better.
Metro Vancouver’s population is growing. For planning purposes we want to understand how our population will be growing. For that we need projections. Here we need to carefully distinguish two related but distinct types of population projections. projections of population demand, and projections of population growth. Projecting demand, or even just estimating current population demand, is complex. Demand is a function of a variety of factors, most importantly jobs, and amenities, as well as home prices and rents (in relation to incomes and wealth).
(Cross-posted at HomeFreeSociology) Condominium apartments are fascinating! At their heart lies a relatively recent legal innovation enabling individual ownership of units in multi-unit developments. Since their arrival, condominium apartments have become places to build homes, sources of rental income, sites of speculative real estate investment, and experiments in private democratic government. They’re also in the middle of many on-going debates about housing and the future of cities in Canada and around the world.