Wednesday, January 4, 2017

Affordable and market housing demand over the next decade in Metro Vancouver's slow-growth municipalities

The lack of affordable housing is a front and centre issue in our region. Metro Vancouver —our regional district— and local governments have been working together to quantify the gap in affordable housing throughout the region. With this information, and in partnership with the development community, federal and provincial governments, housing for people from all walks of life, and in all stages of life, can be provided.

One of the first steps has been to update the housing demands based on household income, and tenure in our regional growth strategy. These estimates can be used to help municipalities plan for the types of housing required in their communities.

I decided to plot the housing demand for some of the slower growth communities in our region. These radar charts help clearly show the demand for each type of housing. The municipalities plotted are estimated to require between 1,000 to 3,000 units of housing between 2016 and 2026.

Ownership Demand Estimates (2016-2926). Select chart to enlarge.

Rental Demand Estimates, By Household Income (2016-2026). Select chart to enlarge.

Municipalities on the left side of the charts have a higher overall growth than municipalities on the right side. One of the interesting things to note is the higher ratio of affordable housing to market housing that will be required in urban core communities such as Langley City and the City of North Vancouver, compared to other slow-growth communities. This makes sense because these core communities have better transportation options, and more access to services and amenities. Overall, there is a low demand for high-end rental units.

Full details can be viewed in the Metro Vancouver October 28, 2016 Board of Directors meeting agenda.

Note: Household incomes in charts: Very Low Income <$30,000/year, Low Income <$30,000-50,000/year, Moderate Income $50,000-75,000/year, Above Moderate Income $75,000-$100,000/year, High Income $100,000/year+.

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