Only 3% of Vancouver residents think they have reasonable rents or mortgages
One in five Metro Vancouverites experience extreme housing & traffic pain; most of them think of leaving.
Vancouver has earned the dubious distinction of being the second least affordable city in the 11th Annual Demographic Affordability Survey. Only Hong Kong was less affordable. This is bad for our communities and it is bad for business. People are leaving Vancouver due the severe housing crisis.
Affordable housing requires new development models. There are many successful models around the globe but the one common denominator is community engagement in the process. Communities need to coalesce around this issue and ‘develop’ their own solutions.
In developing a financial model for a local charitable housing trust the analysis showed that if a non-profit housing development corporation (or other entity) could reduce the cost of development by 20% then they could build and market affordable home ownership and/or rental properties at up to 75% below market rates. For long-term affordability to be guaranteed projects could use the model developed by the Whistler Housing Authority using covenants for resident resale restricted homes.
Do you have a property you are considering re-developing? Is your organization, non-profit or charity looking for affordable housing solutions. Is your company or industry group looking for affordable housing solutions. My role as a social enterprise development consultant is to create financial models, seek funding opportunities, develop partnerships and guide the process for affordable housing development. To discuss how I may help you or your organization develop an affordable housing strategy please contact me at 778.835.5801 or by email.