Panel agrees acute rental housing shortage is generations in the making
The discussion was framed by Canada Mortgage and Housing Corporation’s latest Rental Market Report, which found high demand for a limited number of rental units in Metro Vancouver had led to a record low vacancy rate, rising rents and growing inequality between long-term renters and newcomers .Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.
Epp said there was a “collective action problem”, with the three levels of government not always working together — noting the federal government’s decision to dramatically cut spending on social, co-op and non-market housing since the 1990s had led to several generations of undersupply. “Pension funds need rental projects to produce funds within five years,” she said, adding that development of rental stock needed to increase three or four times to make a difference.Article content
“Then it dried up,” she said. “We need a significant scaling up of investment from provincial and federal government. We’ve been signalling an impending crisis for years and years and years and we will not turn the corner on this crisis for some time.”
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