It really depends on how your country treats housing. Is it a consumable good or an investable asset? If your country conflates the role of housing as shelter with it being a primary store of wealth, then demand doesn&#x27;t just reflect demand for housing. It reflects demand for a safe, appreciable asset in a ZIRP world, which is what urban housing becomes because cities will never be able to physically scale their infrastructure or capacity as rapidly as capital can move through their property values.<p>Not only has Vancouver built a lot, it simultaneously cultivated immigration programs to bring external capital into the local housing market.  
<a href="http:&#x2F;&#x2F;www.tandfonline.com&#x2F;doi&#x2F;abs&#x2F;10.1080&#x2F;14616718.2015.1119776" rel="nofollow">http:&#x2F;&#x2F;www.tandfonline.com&#x2F;doi&#x2F;abs&#x2F;10.1080&#x2F;14616718.2015.111...</a><p>Other countries, like Japan &amp; Germany, treat housing as a consumable good or even something that depreciates. So even though Tokyo is one of the most developed cities in the world, housing actually goes down in value. <a href="http:&#x2F;&#x2F;freakonomics.com&#x2F;2014&#x2F;02&#x2F;26&#x2F;why-are-japanese-homes-disposable-full-transcript&#x2F;" rel="nofollow">http:&#x2F;&#x2F;freakonomics.com&#x2F;2014&#x2F;02&#x2F;26&#x2F;why-are-japanese-homes-di...</a>