Some of the blame for the so called affordable housing crisis in Canadian cities can be attributed to supply side issues caused by municipal restrictions, according to a new study out Thursday.The report, which studied metro markets in Toronto, Vancouver and Calgary, comes on the heels of new data that show two of those markets are getting hotter. While Calgary detached home prices continue to slump on a year over year basis, detached home prices in Metro Vancouver rose almost 39 per cent in June compared to a year earlier and increased almost 20 per cent in Metro Toronto in the same period.The Fraser Institute looked at five factors that continue to slow down supply of new housing in cities: approval timelines, timeline uncertainty, council and community impacts, costs and fees and the prevalence of rezoning.The group says that increasing the average approval timeline for residential development by six months is equivalent to cutting the growth of the average neighbourhood in half.Toronto would be home buyers facing ‘uphill battle’ as prices rise again, listings fall in JuneVancouver home prices head even higher in June amid record salesAlso out Thursday is a new report from Sotheby International Realty Canada that suggests the luxury end of the housing market is being dominated by sales of houses of $4 million or more in Vancouver and Toronto, something else that is driving up average prices for both cities.If Vancouver census metropolitan area matched Langley Township regulation, the regional median for regulation, it would have seen a 2.3 percentage point annual increase in its housing stock. In the district of North Vancouver, lowering regulation to the regional median would have resulted in a 4.4 per cent growth in housing stock, the report says.regulations and permits have actually deterred building where they are most desirable and where governments actually want to see most developed, the dense urban neighbourhoods, Green said.regulations are promoting urban sprawl, which is exactly the opposite of most of the stated goals of most cities, Green said.The impact is pretty clear, he said.
My favorites were Zapata Grill for Mexican, Fat Jacks for bar food and drinks, Big Jakes Smokehouse for BBQ. You will have no problem finding places to eat/drink/hang out. I lived there between the years when I was 25 to 35, right after I finished graduate school.
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