The price of housing, like anything else, is determined by supply and demand.
Once prices aren’t allowed to increase to meet demand, people face strong disincentives to build new units.
Rent control has been a disaster wherever it’s been tried. But this never stops politicians from suggesting it.
When I first came to Alberta a quarter-century ago, vacancy rates in Calgary and Edmonton exceeded 10 per cent. In Edmonton, where I lived in 1988, landlords often gave one month free on an already cheap 12-month lease. Sometimes utilities and cable were included.