Category — Housing
Vancouver, Burnaby look like a bargain compared to Delta or Langley when housing, transportation costs combined
A ground-breaking new study that combines housing costs with transportation and transit costs has found that apparently expensive municipalities like Vancouver and Burnaby can actually be cheaper for lower income families than Delta, Langley or the North Shore.
The Metro Vancouver Housing and Transportation Cost Burden Study, coming to the Metro Board May 15, highlights the staggering burden imposed on middle and low income households by the combination of high housing costs and high transportation costs.
The result is that most families earning up to $75,000 spend as much as 40 percent of their income on transportation and housing if they hold a mortgage, and as much 49 percent if they are renters. That number covers seven out of 10 renters in the region.
Low income renters earning less than $50,000 can spend a crushing 67 percent of their income on housing and transportation.
Those costs are much easier, however, for those close to transit.
The best way to help these families, the study concluded, is to increase the Frequent Transit Network and locate affordable housing close to that network so transportation costs come down along with easier housing options. But the FTN will shrink, not grow, if the current transportation and transit referendum fails. [Read more →]
May 8, 2015
In UK, Australia, national and state governments — not cities — tackling “empty homes,” foreign ownership
Vancouver is not the only city in the midst of hot debates about the twin pressures of “empty homes” and foreign ownership, but in other jurisdictions it is state and national governments — not local municipalities — where the policy response takes shape.
In Victoria, Australia, a new combination of state and national action against foreign investors has been called a “king hit” to the real estate industry. Prime Minister Tony Abbott is cracking down on illegal foreign purchases of land as the state government throws in a crackdown on absentee ownership and an extra property tax on foreign owners. That’s Victoria, the state government, not Melbourne, the city government.
In the United Kingdom, concern about “empty homes” has produced a national policy response, some of which has given extra powers to local authorities to bring empty homes back into the market place. More could be done, argue experts, but the power lies with the national government.
It’s time for the debate in BC to shift to those who could actually make a difference . . . like Housing Minister Rich Coleman, for instance. While Vancouver is working hard to uncover the facts about empty homes, it’s hard to believe the solutions can be found in the Vancouver Charter.
May 2, 2015
When is an “empty” house really empty? City is learning that deciding that fact is harder than it appears
No one likes the idea that Vancouver’s red-hot housing market is being stoked by offshore investors with dirty money who purchase houses, leave them empty and then flip them, or worse, in some people’s eyes, tear them down, build something bigger and flip that.
But what’s really “empty” and what’s not? Deciding that fact is harder than it sounds, as city chief housing officer Mukhtar Latif advised council last week, listing ten legitimate reasons a home could appear empty, from redevelopment to probate or owners’ illness. (He did not include speculative flipping by offshore money launderers.)
The city is about two weeks away from retaining an outside consultant to deepen its analysis of this tricky issue.
I learned I didn’t know what “empty” is last December, when I walked one Point Grey block with a resident who sees too many homes in her neighbourhood sitting dark and apparently uninhabited. [Read more →]
April 26, 2015
Latest news from the increasingly upside-down world of United Kingdom housing debates: developers condemn the Conservative government for proposing to eliminate affordable housing requirements, declaring it a threat to London’s “social mix.”
The developers stand to gain hundreds of millions of pounds in windfall profits if the policy stands, but have demanded that the policy be scrapped because it poses a fatal threat to the diversity of housing London requires.
Denounced as “insane” by Tory critics, the Tory initiative is on the heels of a major London march for action on housing that saw thousands demand major national investments in new, affordable homes.
Also prominent: widespread anger about countless empty mansions, apparently owned by foreign investors, that sit crumbling while tenants and low income tenants struggle to find homes.
Sound familiar? All issues we debate here, but so far without the popular mobilization and, in particular, the direct debate at the federal level, where solutions can actually be found.
February 3, 2015