The new reality is that renting while saving to buy is nearly impossible for average income earners in Vancouver
city in Canada where it is cheaper to own than rent.
This may not come as a surprise for the 36 per cent of the population in the region that rents . They already know that housing costs and incomes are disconnected, and the search for affordable housing is often a battle. And Montreal is faring far better than the other cities. In that city, there’s a healthy $490 gap in favour of renters.
Legal advocate Stephanie Smith, who works on the Downtown Eastside with low-income residents, says that little of even the non-market housing is affordable to many renters. Ms. Smith is running for Vancouver council as a Green Party candidate. It’s a nation-wide trend and federal government policy is not addressing the erosion, not by a long shot. The annual rate of loss nationally is 46,000, which is more than double the number of new units that are being added each year with funding from the National Housing Strategy.
“If you were to allow all the units in the pipeline right now by every single developer, and let all those units come onto the market, [according to] supply and demand, that would not bring prices down. That’s a fallacy. There is so much demand, such an influx of immigration coming into Canada, it will never keep up with the demand,” “With the typical condominiums that we are building, there will continue to be a population to service that.
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