Plans for a new affordable rental housing development in Maple Ridge. (Black Press Media files)

Plans for a new affordable rental housing development in Maple Ridge. (Black Press Media files)

10,000 affordable rentals a year needed to tackle Metro Vancouver housing crisis: report

The report focused on building government-funded housing, rather than relying on the private sector

An additional 10,000 affordable rental units need to be built around Metro Vancouver annually to begin fixing the housing crisis in the region, according to a report released Wednesday by the Canadian Centre on Policy Alternatives.

The report focused on building government-funded housing, rather than relying on the private sector.

“A lot of the focus on housing has been around private-built housing with homeownership as the goal,” senior economist Marc Lee told Black Press Media by phone.

But the people who need housing the most, Lee said, are low- or middle-income tenants who are not profitable for private builders.

Compounding the issue, he noted, is that although Metro Vancouver’s population has risen over the years, rental housing has not kept pace.

Between immigration and more people being pushed out of homeownership, “there’s a lot more competition for the same number of rental,” Lee said.

The report found that 10,000 new affordable rental units need to be built each year, at a cost of about $2.5 billion, in order to keep pace with population growth.

“There’s such a backlog [of people needing housing], so this is just to tread water,” Lee said.

“If we want to deal with the backlog or address homelessness, we need to go above and beyond that.”

The report acknowledges that $2.5 billion each year is a marked increase above the province’s average yearly capital budget of $10 billion.

Lee said the feds would need to step in as well, but points out that $2.5 billion cost would be made back by charging even low rents to tenants.

The report said that with a one bedroom apartment costing $180,000 to build, the public would earn back $216,000 over 30 years on that unit even with a subsidized rent of $600 per month.

Lee acknowledged that while the financials may work out, public opinion could be harder to sway.

“The challenge is going to be how this plays out on a neighbourhood-by-neighbourhood basis,” he said, citing opposition to modular housing in Vancouver and Surrey, as well as recently announced low-income housing for displaced tent city residents in Maple Ridge.

“It’s more about the conversation we need to have; we have a crisis and right now it’s leaving people on the streets and camping in parks.”

READ MORE: Rent as low as $375 per month at new Maple Ridge affordable housing complex

VIDEOS: Homeless people living on ‘Surrey Strip’ move into modular housing


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

SkyTrain running through Whalley. (File photo: Tom Zytaruk)
Mayors’ Council wants feds to fund Surrey-Langley SkyTrain in upcoming budget

Mayors’ Council on regional transportation sent letter to federal government Monday

Langley native Tamara Lovelace has been named to the Team USA medical team for the Beijing Winter Olympics in 2022 (Special to Langley Advance Times)
How a ‘very focused’ Brookswood Secondary grad ended up a Team USA doctor

Langley’s Tamara Lovelace was going to be a ballerina

Bree Jordan, seen here with her husband Steve and son Levi, is hoping to have cancer treatments in the U.S. The Range in Langley has joined the campaign and will donate all drop-in fees on March 18th. (GoFundMe)
Langley gun range holds fundraiser to help mom battling cancer

Word has gone out to law enforcement agencies in the Lower Mainland

Three metal plaques have been pried off the monument, seen here on Saturday, March 6 in the Neil McLeod Memorial Park on 216th Street (Dan Ferguson/Langley Advance Times)
Theft of plaques from Langley’s McLeod Memorial Park called ‘disgusting’

Former mayor Kurt Alberts says McLeod family members would be ‘broken-hearted’

(The Canadian Press)
‘Worse than Sept. 11, SARS and financial crisis combined’: Tourism industry in crisis

Travel services saw the biggest drop in active businesses with 31 per cent fewer firms operating

(Black Press Media files)
Hosts charged, attendees facing COVID fines after Vancouver police bust party at condo

Police had previously received 10 complains about that condo

Minister of Families, Children and Social Development Ahmed Hussen takes part in an update on the COVID pandemic during a press conference in Ottawa on Tuesday, Oct. 27, 2020. A joint federal and B.C. government housing program announced today aims to help people living in up to 25,000 vulnerable households pay their rent. THE CANADIAN PRESS/Sean Kilpatrick
Federal, B.C. governments announce $517-million rent aid program to help vulnerable

Benefits for those not eligible for B.C.’s Rental Assistance Program or Shelter Aid for Elderly Renters

(BC SPCA)
Is it safe to give your dog some peanut butter? Not always, BC SPCA warns

Some commercial peanut butter ingredients can be harmful to dogs

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Health Minister Adrian Dix, front, B.C. Premier John Horgan and provincial health officer Dr. Bonnie Henry arrive for a news conference about the provincial response to the coronavirus, in Vancouver, B.C., Friday, March 6, 2020. Pandemic emergency measures have been in place for almost a year. THE CANADIAN PRESS/Darryl Dyck
B.C. officials plead for patience as 1.7 million COVID-19 calls flood in

Vaccine registration for 90-plus seniors opened Monday

A West Kootenay man died in an avalanche on March 4 while snowmobiling near Mount Payne, which is indicted by the red flag. Illustration: Google Maps
B.C. father of 3 dead after avalanche in West Kootenay

The man was snowmobiling with a group when incident occurred March 4

Surrey RCMP are investigating a “serious” collision near Cloverdale Saturday evening. (Curtis Kreklau photo)
Man dead after single vehicle collision in Surrey; speed possible factor

Police say vehicle collided with telephone pole at approximately 9:30 p.m.

Most Read