Red tape has strangled housing supply growth in Toronto and Vancouver.
Average house prices up almost 140 per cent in Calgary and more than 160 per cent in Edmonton.
In light of public outcry, the B.C. government has tasked a committee to examine real estate practices such as flipping and shadow assignment.
There’s been a lot of media coverage on “house flipping” in Vancouver, and quick sales are common in many real estate markets.
With housing prices at an all-time high in Vancouver, there was a lot of buzz about the interim report of the Mayors Task Force on Housing Affordability. While the Task Force acknowledged the need to streamline and create more certainty and clarity in the regulatory process, the City of Vancouver will need to significantly reduce land-use restrictions and the regulatory burden on developers to truly help make housing more affordable.