Not a great day for Vancouver! Today and not for the first time Vancouver has been ranked as the second-least affordable city in the world to buy a home. Leaving only rentals as an option and those are also skyrocketing. That is if you can find a rental and if its a Reliance Properties Vancouver building you must hope and pray you don’t get renovicted!
What this means is that for the fourth time consecutively Vancouver has a median house price that is almost 12 times more than the average household income. This has fluctuated over those 4 years but all 4 years the news is bad to worse. The rental market isn’t much better.
Property developers like Reliance Properties Vancouver are doing their level best to increase rental rates to the highest in the Canada. While prices go up apartment sizes go down. Reliance has a real desire to move people into very expensive micro units that are reminiscent of Manhattan New York or New York in general size and relative cost.
Vancouver needs to tackle this issue. We need to make housing affordability in both ownership and rentals more affordable and sustainable. If we fail in this what will become of Vancouver? I fear it will become a ghost city. One that is culturally dead and empty of all but people. That is except those that are too stressed out and under housing pressure to enjoy their lives.