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Three possible scenarios for Vancouver’s housing market

Will Vancouver home prices tank, surge ever higher or settle somewhere in between? With help from disgruntled residents, global investors and government intervention, here’s how the city’s real estate future could play out, for better or worse

In the months following the Great Housing Crash of 2019, Vancouver looks much the same as it had before. Homeless men and women, faces pulled hard by abuse, sit on Hastings Street selling pilfered wares. The Pacific Ocean laps against the Stanley Park seawall, which, during a weekday morning, is crowded. A dust-covered, late model Bentley Flying Spur (retail price: $325,490) is parked on the north side of Alberni Street. But the driver’s-side windows are smashed, and the street itself, once busy servicing those who know how to pronounce “Hermès,” is deserted.

From a vantage point on False Creek’s southern shore, a short drive from Chip Wilson’s abandoned, graffiti-scarred home, tourists squint at Yaletown’s sun-soaked green glass towers, still standing proud among a forest of silent construction cranes—testament to the forces that once shaped this city so profoundly and are shaping it yet again.

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Vancouver’s ascension to global piggybank and supercar parking lot had been spectacular. However, its fall was, as Mayor Eveline Xia put it, “a colossal shit show.”

This is Vancouver, post-Homepocalypse. Or, rather, one amped-up version.

Continue reading the full story here >>

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