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Today, Premier Christy Clark surprised many political observers by announcing an additional 15 percent property transfer tax on homes sold to foreigners and foreign companies.

While this move has been welcomed by some, it likely won't put a serious dent in the supply shortage of rental housing in Vancouver.

The most recent issue of the Goodman Report on the Lower Mainland apartment market highlights the magnitude of the problem.

Written by the father and son real-estate team of David and Mark Goodman, it notes that the current inventory of rental units "falls drastically short of community needs", with a vacancy rate "hovering ever-so-slightly above 0%".

"Unless massive supply increases occur, rents will continue to soar well beyond the rate of inflation," they write. "Many landlords welcome receiving notice from long-standing tenants, as the enticing prospect of a 10-80% rent increase to market level at turnover, often accompanied with an upgrade, is not lost on them."

The Goodmans also point out that in late 2014, they were "humbled" when buildings in Kerrisdale were selling for $275 per buildable foot.

Now, sites in the same neighbourhood are going for more than $500 per buildable foot. The Goodman Report also notes that a closing along the Broadway corridor reached $618 per buildable foot.

"While some of this money is coming from areas outside of Vancouver and Canada, the local guys are also stepping up and corralling large numbers of properties to bank for the future," the Goodmans write.