There are lots of factors contributing to
growing affordability problems, but they pale next to regulatory barriers, which are increasing as localities try to curb sprawl, said Robert Mitchell, president of the National Association of Home Builders.
Not exact matches
The report, titled «Vancouver's Housing
Affordability Crisis: Causes, Consequences and Conclusions,» says political inaction has allowed the
problem to
grow.
But when you combine rising interest rates with
growing regulatory burdens as governments try to restrict growth, you have a recipe for mounting
affordability problems that's affecting mainly young households and other first - time buyers — and they're the engines that drive the homeownership market, Edwards said.
Amid the avalanche of headlines warning of the
growing affordability crisis, there's a corner of the real estate industry where the
problem is seen as overstated, or at least misunderstood.
While owners enjoy seeing the value of their investment
grow, some markets are running into an
affordability problem — especially with areas in the west seeing double - digit yearly price growth,» said Quicken Loans vice president Bill Banfield.