A reader recently shared an article with me called: Why Seattle builds apartments, but Vancouver, BC, builds condos. Thanks for that.

It’s a good summary of the differences between these two markets and why over the last five years less than 4% of all new residential units built in Seattle have been condos. The story is obviously very different in Vancouver.

It’s also a good reminder that incentives matter. Capital has a funny way of flowing to where the returns are greatest.

Chart: Sightline Institute