Protecting Vancouver’s Affordable Renting: Some Alternatives

campus of simon fraser university in Burnaby, British Columbia
Simon Fraser University, Vancouver, BC. One of its professors recommends some on-campus housing experiments to help address Vancouver's rental and ownership needs.

Two important factors are influencing rental housing in cities across North America.

The ‘millennial’ age group is now facing the lifetime challenge of finding employment and shelter. The average millennial is unlikely to be able to immediately (if ever) afford to purchase a home at current prices. Those keen to climb on the home ownership ‘ladder’ may rent housing while working for a decade or more to save enough for a down payment on a mortgage.

Coincident with this first challenge, young home shoppers are reassessing whether long term, burdensome home ownership is a desirable lifetime shelter strategy.

Both these factors are increasing the value rental housing in a city. Failure to accommodate up and coming young renters may well discourage them from moving to there, threatening both its health and growth.1

Zoning is being used to encourage rental housing by protecting existing units, as well as requiring them in new development projects.

Vancouver, British Columbia has housing problems ranked second in the world by some measures. Beyond zoning, a recent article proposes other ways to preserve and create more rental housing in Vancouver. That’s surely of interest to other cities which share similar problems.

Read more in VANCOUVER COURIER: Vancouver Needs Innovative Approach Towards Affordable Rental Housing

Footnotes

  1. Try: Young Professionals Failing To Bite On Topeka Housing Ownership Lure

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