VANCOUVER (NEWS 1130) – Even with promises from all levels of government, housing isn’t becoming more affordable for families in Vancouver.
A recent report from rentals.ca shows two bedroom houses in Vancouver cost upwards of $3,000 a month.
Tsur Somerville, an economist with UBC’s Sauder School of Business, says there isn’t a quick fix to the housing issue.
“The federal government has talked about it, and they’ve allocated money. But it’s coming in slowly and it takes time to build these things,” he says. “Quick solutions aren’t readily available.”
We’ve heard from all 3 levels of government that they want to make housing affordable for families. But with a recent report indicating 2 bedrooms now rent for $3,000+ a month — that isn’t really happening in Vancouver. Listen to @NEWS1130 as we discuss with a housing economist.
— Martin MacMahon (@martinmacmahon) August 22, 2019
Somerville adds more new builds won’t bring immediate relief because of the cost either.
“Newly built units without some kind of government support of one form or another are inherently not going to be the least expensive rental units.
He add there needs to be more work addressing those displaced by new builds.
“A situation where you take a bunch of rental apartment buildings and tear them down and build a bunch of condos, that’s a great solution over a 50 year period,” he says. “That’s not a good way of addressing the housing needs of renters over the next five years.