Description for Each Simulation Tag:
CRISIS:
- Price increasing dramatically, surpasses average detached home price of 3 million in 3 years if left unaddressed
- Housing Demand by potential buyer population will increase due to unmet financial means (Interest rate and price too high). To secure housing, the outflow is linked to price that is affected by supply and demand.
- Total occupied homes will decrease as empty homes purchased by foreign investors for "house flipping" increase and doubles within 5 years.
DEMAND:
- Demand for housing in Vancouver will increase, but the amount of people motivated to buy with financial means "buyer population", will decrease in correlation.
SUPPLY:
- Prices do not follow traditional supply and demand concepts. Supply of houses on the market is increasing but, as shown, unable to sell because of unaffordability.
SYSTEMS MODEL LOGISTICS:
- Split into demand and supply with interlinked links
- Supply is a feedback system with sold houses branching off into empty housing or occupied housing
- All flows and stocks are linked with the intention that as market price changes, so will various system dynamics
- Used various functions to simulate a more diverse and accurate system
Sustainability: Economic (prices, housing market), Social (motivation to buy and sell)
Crisis Model - Vancouver Housing Crisis
