Average house prices up almost 140 per cent in Calgary and more than 160 per cent in Edmonton.
housing construction
Cities such as Vancouver and Toronto, with longer and less certain approval timelines, tended to see less growth in housing stock.
It’s impossible to achieve housing affordability unless the supply of new homes keeps up with demand.
If taxing foreign buyers affects demand for homes in some cities, where might that demand migrate to?
In some major metropolitan areas in Canada, housing supply is not keeping up with demand.
Long and uncertain approval timelines for building permits are helping slow growth of housing stock in Vancouver.
Reforming the minutiae of the building permit process might not seem exciting, but it can encourage homebuilding and affect prices.
Fortunately, municipalities control many of the factors that determine housing supply growth.
Housing tends to be less scarce, and less expensive, in markets where homebuilders are less constrained by geography or regulations.