METRO VANCOUVER (NEWS1130) – Do Metro Vancouver renters need help to achieve home ownership or should they lower their hopes and expectations? News1130 is looking over the challenges the 20 to 40-year-old crowd face with sky-high housing prices.
Not everyone thinks the sky is falling for renters; Ryan Berlin with the Urban Futures Institute says potential homeowners have lots of housing options beyond a detached home.
“But this has always been the case for people; you move up market. You start with smaller product, cheaper product and you move your way up to, maybe at some point later in life, that single detached home.”
He argues plenty of people are still moving to Metro Vancouver and there are plenty of different types of local housing. “The range in types [and] prices… it doesn’t paint the unaffordable housing picture that everyone talks about in the city of Vancouver.”
In his article ‘Going, Going, Gone,’ freelance writer Tyee Bridge notes the challenges of young couples and parents who dream of owning something above ground and detached in Metro Vancouver.
He says some people may just have to settle with renting but “I do think that we need to look critically at the way that we’re allowing investment money to be controlling the marketplace. When… 46 per cent of people that buy into a development are investors, that’s a problem.”
He says it’s time to look at affordable ownership. “We need policies; city policies [and] provincial policies… to encourage these pilot [projects], try to scale them up for many more people than are currently enjoying them.”