CMHC addresses affordability in Vancouver

by Justin da Rosa27 May 2016
The Canada Mortgage and Housing Corporation announced an affordable housing initiative that aims to help families and seniors in hard-hit Vancouver better afford homes.

“Housing costs are a top-of-mind concern for Vancouver residents, not only for themselves, but for future generations,” a rep for Jean-Yves Duclos, minister of families, children and social development and minister responsible for CMHC, said in a release. “I am pleased that through the continued partnership of federal, provincial and municipal governments, as well as the non-profit and private sectors, we are creating new, affordable housing solutions for families in the Lower Mainland.”

The initiative will provide 358 protected affordable rental and co-operative housing units.

“The Community Land Trust is a great example of partnership between the City, the provincial and federal governments, and non-profit organizations working together to find innovative new ways to create much-needed affordable housing in Vancouver,” Mayor Gregor Robertson said. “The City is proud to provide the land to build over 350 new rental homes for Vancouver residents, with over 50 per cent of these new homes built specifically for families.”

A total of $140.2 million has been donated toward the project by a number of sources. The Government of B.C. ($90.3 million) and they City of Vancouver ($24.7 million) are the largest contributors.

It’s an admirable initiative that aims to help those who otherwise couldn’t, afford homes.

Still, there are thousands of Vancouverites who would prefer to own rather than rent, and record-high prices are keeping them out of the market.

That begs the question: Should the city and, indeed, the province also address the home ownership issue? Have your say in the section below.

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