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Two hundred thousand seniors rental units needed by 2036

VANCOUVER (NEWS1130) – Will renters, especially seniors, will able to keep a roof over their head in 2036?  

According to projections from the BC Non-Profit Housing Association at least 200,000 rental units are needed province-wide within the next 25 years.
Research Director Jill Atkey says many seniors right now are not living in affordable housing.
She adds the same problem is also affecting people who are low-income, who she thinks will likely never be able to own a home.  “They’re spending too big of a portion of their share on their housing.  They’re spending, on average, 50 per cent when it should be closer to 30 per cent or less.”
The highest demand for the new units will be across Metro Vancouver and the Fraser Valley.
Atkey has a solution to the rental crisis in BC.  She’s calling on all levels of government as well as one other group.  “Private developers partnering with affordable housing non-profits in order to develop low-end of market rental housing so they can still make a profit and then those units become more affordable over time.”
She adds many who are renting now likely won’t be able to afford a home in the future based on their findings.

Some quick facts from the BCNPHA:

  • There will be 764,000 households requiring rental housing in BC by 2036 if the propensity to rent or own stays the same as today. This is 200,000 more renter households than in 2011.
  • Nearly 216,000 of those households will require some form of assistance to make their housing affordable. This is an additional 65,000 households over the next 25 years.
  • Core housing needs among senior households will increase by 120 per cent by 2036 if their propensity to rent or own stays the same as today. (Households in core housing needs cannot afford market rents.)
  • Nearly 75 per cent of the growth in rental demand will be in Greater Vancouver and the Fraser Valley. If the propensity to rent or own stays the same as today, the regional districts that see the greatest relative increases in rental housing demand are: Squamish-Lillooet, at 54 per cent, the Fraser Valley are 46 per cent, Peace River at 43 per cent, and Central Okanagan at 41 per cent.