No Easy Solution for Affordable Vancouver Housing

Finding reasonably priced housing in Vancouver is not just limited to the city's less fortunate dwellers. With the city awash in a wave of ultra-high home prices, Mayor Gregor Robertson's latest initiative is to find ways for the middle class to live in one of Canada's priciest markets.

McGregor developed a task force to investigate opportunities to develop housing that is more affordable for the majority of Vancouver's residents.

A recent study from a local architecture company indicated that only 191 Vancouver homes had a value of under $500,000, but 40 percent of the city's dwellings were valued in the $1 million-and-over range. Currently, the benchmark rate for a residence in West Vancouver tops $2 million. The east side is more affordable - for some - with a comparable benchmark of a little more than $863,000.

Although experts from divergent backgrounds have delved into the housing debate, there is no consensus and no clear answer. The city owns many parcels of land that could be used for housing. It could build a number of categories of homes that would be priced at around 20 percent under market value. However, the recipients of such housing are subject to a lot of discussion.

Many communities, Vancouver included, cite essential service providers such as nurses, teachers, police personnel and firefighters as people who are worthy of reduced housing prices. Their necessity in any city needs to be balanced against their sturdy pensions and job benefits. Other middle-class residents do not have the strength of unions behind them, and might warrant consideration for reasonably priced homes.

Rezoning may be another option. Currently, the city does not permit the stacking of row houses and town homes. Giving a bit more flexibility in this home category might allow more people to live in these dwellings. However, town homes are expensive to begin with, with some units selling for around $800,000.

Co-op housing experienced a vogue during the 1970s, and there are still some vestiges of it in the city. For people with the upfront capital, it can be a viable option. The problem is that there are few middle-class individuals or families that can pay full price for a co-op unit.

The arguments for and against subsidized housing will continue for a long time, while home prices in Vancouver will continue to escalate. While a solution for the city's mid-level residents would be welcome, it may not arrive any time soon.