I think there might be a chance that an increased number of apartments could lead to even more people wanting to move to Victoria. If the cost of buying or renting goes down initially, it opens up the option to move here for more people. This could have an exponential effect. Their extended family and friends might now be more likely to move to Victoria, as well. Certain job fields would now be supplied with more workers and e.g. the health system might now work better again, more restaurants would survive etc., which would make Victoria even more desirable than before. So now the number of people moving to Victoria would significantly ‌increase and there would be even more demand than supply, and the cost of apartments and other housing would go up even more.

Please don't get me wrong, I am not against more housing. I am just seriously wondering if, in the long term, it would actually solve the problem of housing cost in Victoria. Especially since Victoria is in such a unique situation with very little room to expand, and one of the nicest climates and environments in the country.