We are grateful that the local media is investigating the various aspects of the housing crisis in Burnaby. Overall, Ms. Naylor’s article has rightfully identified that the City of Burnaby has choices and the choices being made have led, in part, to a situation where one of the relatively richest municipalities in Canada has the absolute worst outcomes in the nation when it comes to access to affordable rental housing. In fact, a 2014 ranking of 523 municipalities nationwide, the Canadian Rental Housing Index, placed Burnaby dead last. Since then, things have gotten worse.
There are some points mentioned in the article that need further clarification. First of all, the assumption that by increasing supply of housing, will lead to lower prices does not apply. We will not be able to create enough supply to meet the increasing global and domestic demand for housing as an investment vehicle.