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The current easy credit building boom of rushed inefficient construction in a city that has a long history of leaky condos, and insufficient strata contingencies is still way behind the curve of supplying affordable low maintenance housing.
However, for buildings in which major problems have been discovered... the financial strain posed by construction estimates makes it difficult for strata corporations with problems to obtain the approval of 75 per cent of owners they need to go ahead with special assessments to cover the costs of repairs.
The Secrets of the World's Happiest Cities
What makes a city a great place to live – your commute, property prices or good conversation? (TheGuardian.com)
Finally after +/- 3 years of Blogosphere Ranting - Some Actual Data
This study utilized 12 years’ of BC Hydro data by Matthew Bourke of the city’s housing policy and projects department and Bruce Townson, a consultant and CEO of Ecotagious Inc.
“The non-occupancy rate in apartments dropped from 7.7 percent in 2002 to 7.2 percent in 2014, it’s these apartments that actually drive the city’s aggregate, non-occupancy rate. In 2014, the CMHC [Canada Mortgage and Housing Corporation] vacancy rate for purpose-built rental units was just over zero percent; it was about half a percent. This would mean that the non-occupancy rate for (all) condos, which make up the rest of the segment, would actually be closer to 12.5 percent.” Bruce Towson
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'