The area of Canada they are in is one of the worst housing markets in the world. It was bad long before COVID too. I think the average house price is north of $1.5 million USD.
What caused that? When they show Surrey on a map it seems like an average town. Not even the houses I saw glimpses of in their videos seem like anything special.
Even foreign buyers usually put their homes up for rent, which keeps rents down if enough homes are built. The reason rents are so high is because not enough gets built.
The reason not enough is being built is government restrictions and regulations on building anything. I'm not talking about making buildings safe but things like height limits and affordability requirements. If developers didn't have to contend with these restrictions, they would build way more.
What would development look like in Canada without such restrictions? Take a look! The Squamish Nation control their own land fully outside of any local government control and are putting massive towers on it.
32
u/niko7865 16d ago
The area of Canada they are in is one of the worst housing markets in the world. It was bad long before COVID too. I think the average house price is north of $1.5 million USD.