What’s Affordable to You?

A Home ForWhat’s Affordable to You? Everyone

What does affordable mean?Affordability is a relationship between income and housing costs.Household incomes and the costs of housing are always in flux, depending onthings like your stage of life, the kinds of housing available to rent or own thatmatch the stage of life you’re at and the costs of other life expenses such asfood, clothing and transportation.

Why talk aboutaffordable housingin Vancouver?Vancouver’s housing prices are among the highest inCanada. As a result, more and more people are struggling tofind a home in the City.

What is the City doing?The City recognizes affordability impacts the ability for the homeless andpeople with low-incomes as well as people with more moderate incomes tofind a home in Vancouver.The Mayor’s Task Force on Housing Affordability is seeking innovative new ways tocreate more housing options for these residents with lower and moderate incomes —household incomes between $21,500 and $86,500.The City of Vancouver’s Housing and Homelessness Strategy will continue to seeksolutions for ending homelessness and lower income residents who will not find housing inthe housing market as well as secure rental housing and homeownership initiatives forthose with more moderate incomes.

What are the benefits of ensuring a home for everyone? “Vancouver’s economy depends on attracting and retaining talent. Affordable housing of all types, including market rentals, is essential to the City’s current and future competitiveness.” John Tylee, Director of Policy and ResearchVancouver Economic Development Commission

Ensuring a Green & Healthy City Affordable housing, green jobs, active living and strong communities are all closely linked. Housing that is affordable to those who work in the city is vital to keep our economy strong. The closer people live to their jobs the more time they have for family, recreation, volunteering, socializing, and life-long learning. And the shorter the trip to work, the less energy used, and the more likely people will take transit, walk or bike.

Ensuring Inclusive NeighbourhoodsVancouver is a city of neighbourhoods, eachwith its own history and identity.Inclusive neighbourhoods include housing that is affordable to lower and moderate income households – something for people at all stages of life.Inclusive neighbourhoods in Vancouver host a range ofhousing types to fit a range of households, so people don’thave to move elsewhere, away from transportation, jobs,family and community.

Who do we need to re:THINK housing for in our city?

KaiKai, a recent college grad, was happy tofind an entry level, full-time job in his fieldat $14 per hour. He shares a condo inYaletown with two others and pays $570rent + a share of the utilities. His job isclose, so he walks or bikes.Kai thinks that sharing is okay for now,but the owner is selling the condo andthey have to move ... the second timethis has happened in the last year. He’dlike to see more rental housing built inthe city.

Jason & NicoleNow in their early 30s, Jason and Nicoleare debating whether to stay inVancouver. They really love city life, butthe “value for money” argument iscompelling, especially with extendedfamily visiting often from rural BC.Jason and Nicole have a $30,000downpayment and qualify for a $300,000mortgage. Considering current optionsavailable, that might be buying a fixer-upper duplex in the east side, a newcondo in Port Coquitlam, or a detachedhome in Vernon. Where will they chooseto live?

Phyllis & JackThis couple raised a large family in asingle home near the PNE. Now in theirmid-70s and fairly healthy, they are livingon a fixed-income of about $50,000.They are ready to downsize and cutback on home maintenance.Phyllis and Jack want to stay in theneighbourhood near friends and familiarplaces. They haven’t found any optionsnearby. Some of their friends havemoved to the suburbs where onebedroom condos are affordable. Phylwonders why there aren’t similar optionsin Vancouver.

BettyBetty’s mom, along with her two younggirls, came from Vietnam in 1998. Theystill live together in a rented house thatthe landlord hasn’t kept up very wellover the years. And, now five people livein the house – a brother and his wifecame from Vietnam three years ago.Betty is a grocery clerk and makesabout $2,200 a month. She’s startedcourses at Langara College and reallywants a place of her own, but she can’tfind anywhere affordable ($600), closeto transit and where she feels safe.

Tanya,Viktor & KidsLiving right downtown was great untilTanya became pregnant with baby numbertwo. What seemed manageable, even fun,in a one bedroom rental condo, won’t beas manageable for much longer.Their household income will go down by30% while Tanya’s on maternity leave (toabout $60,000) so it’s likely they will keeprenting. A two bedroom townhouse wouldbe ideal, but there isn’t much choice in thecity. They don’t want to own a car, sosomething near the Skytrain and close toreliable child care is needed.

HenryHenry is living on his own now in theKillarney family home. His wife, whosuffers with dementia lives in a localbuilding that provides the support sheneeds.Henry feels it is time to move to anapartment. His children suggestedmoving closer to them in the suburbs.That’s not for Henry. He wants to walk tothe community centre and nearby shopsin his neighbourhood. He doesn’t want tospend too much on his new place as hewants to keep some money to enjoy lifewith his grand-children.

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What’s Affordable to You?

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