Home is not where you live, but where they understand you. — Christian Morgenstern

One of the things that I like to be annoying about on this blog is the fact that "home" is not a building type. I say this because "home" is often shorthand for ground-oriented, single-family housing. For example, someone might say to me, "Do you think you'll one day buy a home?" And I will be pedantic and say, "But I already own a home."

The words we choose, often because of cultural convention, show our biases. When people associate home with low-rise housing, I can only assume it's because many cities have had a long history of thinking of apartments as disease-breeding tenements. So we oftentimes see low-rise housing as homes, and apartments as something more utilitarian, like a unit.

But in the end, a home is not a building type; it is a psychological state of belonging. It is where comfort, safety, belonging, and identity hopefully all intersect.

One of the interesting things that Bianca and I have both noticed since bringing home our daughter, Vivienne, is that our feeling of home has been heightened. There's additional life within these four walls, and now it is also a place where she is kept safe and protected from the outside world.

I'm not sure if any of you have experienced this, but we both felt it immediately, and it has us saying to each other on a regular basis, "I love our home." And you know what? The view looks pretty great from up here.

I haven't been riding much this summer (I can't wait until Vivienne can join us on our bikes!), but I did go for a bike fit over the weekend — something I've been meaning to do since I basically got my "new" bike.

In case any of you are curious/in the market, I went to Racer Sportif at Bloor & Runnymede. Ask for Dennis and tell him you want to see the photo of him on his first-ever bicycle. The west side of Toronto has such a great road biking culture.

So, it turns out my setup was off. My seat was too low, my seat was too far back, my handlebars were too high, and my stem was about 2 cm too long. These micro-adjustments were all it took for my ride to feel significantly better on the way home.

Of course, these micro adjustments become even more important on long rides because small things do compound over time. I like thinking of things in this way, and it reminds me of one of Sahil Bloom's core philosophies: "Anything above zero compounds."

The smallest positive changes and actions can have an outsized effect when you play the long game.

The same is true for city building. It's easy to focus on big plans and tall towers, but let's not forget the micro adjustments that are being made every day. A new bike lane here, and a new coffee shop there, all have an impact and add up to something more.

Business in Vancouver just reported the following breaking news: If you build a lot of new housing, it will become more affordable for people.

Here's an excerpt:

Nearly 24,000 rental units are expected to be delivered in the region over the next two years, adding significant supply and intensifying leasing competition, according to Cushman & Wakefield ULC.

Record construction completions in 2025 and high deliveries in 2026 are pushing down rent growth and creating tenant-friendly conditions, said a first-quarter report from the firm released in May.

It could take several years to absorb existing inventory, with meaningful rent growth unlikely to resume until 2028, when longer-term supply constraints could re-emerge if development activity slows and immigration resumes, said the firm.

This is, of course, the YIMBY argument. Increase housing supply, and housing becomes more affordable.

But critics will argue that housing supply isn't the main problem. Indeed, there are surveys that indicate skepticism around the overall housing supply argument. Ask people if producing more widgets will lower the price of widgets, and most agree. Ask people if producing more housing will lower the price of homes, and it's mixed.

Housing gets a little more complicated because of investors, speculators, foreign buyers, immigration policies, short-term rentals, and other demand-side factors. And at the end of the day, housing supply adjusts to changes in demand at a snail's pace. So, from time to time, we will get it wrong. We overbuild at the end of the cycle and underbuild at the beginning of it.

But none of this means that housing supply isn't fundamental. Understanding the demand side is important, too. But regardless of where we are in the development cycle, when supply outstrips demand, it is going to create downward pressure on rents and help housing become more affordable. That's exactly what we're seeing today.

Cover photo by Peter Skaronis