Yes, for the most part. The rental rate increase cap will accelerate that process.
Moving forward inventory will be partnered in some way with social and affordable housing providers that tap into government monies. 1400 Quadra is likely to be one of the last purpose-built rental tower to rise that is free of government subsidy. There's also the Johnson Street phase of 1075 Pandora but it'll be comprised of around 40-units.
We might see some market rental projects built for large institutional investors like pension funds. There has been increasing interest in this segment of the market as it provides steady returns and diversification, especially considering the instability in commercial retail (think of all of the shopping centers owned/managed by Ivanhoe Cambridge and Cadillac Fairview, for example, both of which are owned by large institutional investors). These investors also have the liquidity and ability to lend to apartment builders at below-market interest rates...