Solutions

From what I can gather the housing crisis is due to the unaffordability of homes more than the lack of homes. Going forward with projected population growth doesn't it make more sense to build affordable condos rather than rental units? Instead of having all the wealth concentrate to a couple of companies shouldn't we be allowing for growth if a middle class? This would also help to stabilize a local economy when the people that own the property also live, work and spend their income within that economy. Just thinking of a different approach because what we've been doing as a society is only working for a small number of us.

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I’m guessing you’re young

Oct 15, 2021 at 7:46pm

Because if you are you wouldn’t remember that we once had a much larger pool of purpose-built rental buildings in Vancouver. What happened was in the late 90’s and early 2000’s, a large number of those buildings were converted into strata corporations, because that’s about the same time that suddenly the mortgage rates became extremely low, making home ownership much more available to a larger group of people. Prior to that the mortgage rates were in the double digits for many years. So Vancouver lost a large percentage of rental housing, and never replaced them. This housing crisis didn’t happen overnight. It’s a combination of a loss of rentals, a huge influx of foreign money and money laundering that drove prices into the stratosphere within a very few years, a huge influx of immigrants, and no increases in real income. All of these factors have combined to create the current crisis.

13 1Rating: +12

My Solution

Oct 15, 2021 at 8:53pm

Was to move out of the country. Everything is better...and I mean everything

7 2Rating: +5

The problem...

Oct 15, 2021 at 11:20pm

... is a lack of units. There are not enough three bedroom units for everyone aged 20-35 to have a family. If you're going to have two kids, and you don't luck out with two boys or two girls, they need separate bedrooms.

Also, how many more condos do you want built? They are available, one bedroom is going to start around 400k, or, with 40k down, about 1600/month mortgage. I suspect that eating rice and beans and paying 1600/month for a 1 bedroom would be doable for many singles (and couples), but saving the 40k is the hard part. Even if you can save 1000/month, that's still 3 1/3 years to save a down payment, and by that time the prices will have gone up, unless we have a big crash, which seems less and less likely as the years roll on.

But here's the thing: it doesn't work only for a "small number" of people. Since the late 90s, home ownership has been a reality for between 65 and 68% of Canadians. So, it works for somewhere around 2/3 of Canadians.

The 1/3 who don't own homes, I hate to say it, a lot of it has to do with upbringing and social skills. Are you living in a home with two sets of grandparents (2 bedrooms), 1 set of parents (1 bedroom) and 2 adult kids (2 bedrooms)? 5 bedrooms is not a huge monster house by any means.

So, this is 8 cheques a month, 4 that we will call pension cheques, and 4 from working people. Let's call the pension cheques $800 each, so that's $3200. Each working person gets about $2100 at minimum wage for 35 hours, so that's $8400. That's 116k/year before taxes, and that is if no one makes more than min. wage or a low-balled social assistance cheque. If both parents have "adult jokes and make 50k or more a year, then it becomes enough to easily afford that 5 bedroom house.

But if your social skills are like many here in Canada, you go LOL, LIVE WITH PARENTS AND GRANDPARENTS, LOL!!! well then, that is what you are competing against.

The media is never going to tell you this, but you are competing against families that work together on an inter-generational basis. And if 2 parents + 2 kids all have real jobs, forget about it. And once they have the equity in one property, buying more is much easier.

So it works pretty well for ppl who aren't...you know who I'm talking about, the "privileged" settler class.

5 3Rating: +2

The few control the many

Oct 16, 2021 at 9:56am

And it makes no sense. We need a basic income, we need affordable clean safe home ownership, we need to lift people out of poverty. We need to pluck capitalist wealthy tyrants from their positions of power who don't care/understand housing and food are basic rights. We need income redistribution and to restore decency and compassion. We need to stop voting for performative machines who only care about resolutions that sustain their superiority.

18 2Rating: +16

We humans are an immature species on this Planet Earth

Oct 16, 2021 at 1:01pm

Too many still stuck in the 'Law of the Jungle' mentality ... Alpha males driven to dominate and greed rather than love and share with those in need. Unfortunately its most likely things are going to get worse before they get better. I don't know-it-all and those that claim to know-it-all are trying to sell you something but; from the little i, and many others have been shown - No worries; All is good in the Big Picture. I ain't got the video to prove it so one and all got to chart your own inner-life course and keep trying with sincerity, more sincerity and more sincerity. All will be well. OCM Sto:lo Coast Salish salutations.

9 3Rating: +6

Anonymous

Oct 16, 2021 at 2:54pm

I would like to think you're right. As a renter, I can afford my rent, but not any extra fees that an owner would pay, so that is why I rent. Also some think $900/month is affordable, others think $1,500/month is affordable, so what is affordable? I can't afford $1,500 per month. On my salary I can afford $900/month but not $1,500/month. So can we have 1 bedroom ownership for $900/month? if so, I'm in. Good Idea you have - but your definition of affordable might have to be altered if you are thinking affordable is $1,500/month or more, - not who can only afford to pay less than $1,000/month.

8 1Rating: +7

@The Problem

Oct 17, 2021 at 11:37am

You forgot strata fees of $200-300 a month. Property taxes about $100 a month. Mortgage insurance will cost about $20k. Mandatory house insurance $30-50 a month.
And then hope and pray that the roof doesn't leak, the walls don't leak,underground parking doesn't leak, the water pipes don't need to be replaced, etc etc and then you are presented with a bill for $10k to $100k.

1 0Rating: +1

Nice ideas but

Nov 7, 2021 at 6:06am

When they build affordable condos, they get bought by investors. Now it's corporations buying them en masse.
We need regulation to make it so people, not corporations or foreign interests, get first dibs but you know that'll never happen. Too many special interests will see to thatso this problem will never be fixed.

1 0Rating: +1

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