what’s affordable to you?

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A Home For Everyone What’s Affordable to You?

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Household incomes and the costs of housing are always in flux, depending on things like your stage of life, the kinds of housing available to rent or own that match the stage of life you’re at and the costs of other life expenses such as food, clothing and transportation. Find out about a handful of Vancouver housing experiences.

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Page 1: What’s Affordable to You?

A Home For

EveryoneWhat’s Affordable to You?

Page 2: What’s Affordable to You?

Affordability is a relationship between income and housing costs.

Household incomes and the costs of housing are always in flux, depending on things like your stage of life, the kinds of housing available to rent or own that match the stage of life you’re at and the costs of other life expenses such as food, clothing and transportation.

What does affordable mean?

Page 3: What’s Affordable to You?

Vancouver’s housing prices are among the highest in Canada. As a result, more and more people are struggling to find a home in the City.

Why talk about affordable housing in Vancouver?

Page 4: What’s Affordable to You?

The City recognizes affordability impacts the ability for the homeless and people with low-incomes as well as people with more moderate incomes to find a home in Vancouver.

The Mayor’s Task Force on Housing Affordability is seeking innovative new ways to create more housing options for these residents with lower and moderate incomes — household incomes between $21,500 and $86,500.

The City of Vancouver’s Housing and Homelessness Strategy will continue to seek solutions for ending homelessness and lower income residents who will not find housing in the housing market as well as secure rental housing and homeownership initiatives for those with more moderate incomes.

What is the City doing?

Page 5: What’s Affordable to You?

“Vancouver’s economy depends on attracting and retaining talent. Affordable housing of all types,

including market rentals, is essential to the City’s current and future

competitiveness.”

John Tylee, Director of Policy and Research

Vancouver Economic Development Commission

What are the benefits of ensuring a home for everyone?

Page 6: What’s Affordable to You?

Ensuring a Green & Healthy City

Affordable housing, green jobs, active living and strong communities are all closely linked.

Housing that is affordable to those who work in the city is vital to keep our economy strong.

The closer people live to their jobs the more time they have for family, recreation, volunteering, socializing, and life-long learning. And the shorter the trip to work, the less energy used, and the more likely people will take transit, walk or bike.

Page 7: What’s Affordable to You?

Vancouver is a city of neighbourhoods, each with its own history and identity.

Inclusive neighbourhoods include housing that is affordable to lower and moderate income households – something for people at all stages of life.

Inclusive neighbourhoods in Vancouver host a range of housing types to fit a range of households, so people don’t have to move elsewhere, away from transportation, jobs, family and community.

Ensuring Inclusive Neighbourhoods

Page 8: What’s Affordable to You?

Who do we need to re:THINK housing for in our city?

Page 9: What’s Affordable to You?

KaiKai, a recent college grad, was happy to find an entry level, full-time job in his field at $14 per hour. He shares a condo in Yaletown with two others and pays $570 rent + a share of the utilities. His job is close, so he walks or bikes.

Kai thinks that sharing is okay for now, but the owner is selling the condo and they have to move ... the second time this has happened in the last year. He’d like to see more rental housing built in the city.

Page 10: What’s Affordable to You?

Jason & NicoleNow in their early 30s, Jason and Nicole are debating whether to stay in Vancouver. They really love city life, but the “value for money” argument is compelling, especially with extended family visiting often from rural BC.

Jason and Nicole have a $30,000 downpayment and qualify for a $300,000 mortgage. Considering current options available, that might be buying a fixer-upper duplex in the east side, a new condo in Port Coquitlam, or a detached home in Vernon. Where will they choose to live?

Page 11: What’s Affordable to You?

Phyllis & JackThis couple raised a large family in a single home near the PNE. Now in their mid-70s and fairly healthy, they are living on a fixed-income of about $50,000. They are ready to downsize and cut back on home maintenance.

Phyllis and Jack want to stay in the neighbourhood near friends and familiar places. They haven’t found any options nearby. Some of their friends have moved to the suburbs where one bedroom condos are affordable. Phyl wonders why there aren’t similar options in Vancouver.

Page 12: What’s Affordable to You?

BettyBetty’s mom, along with her two young girls, came from Vietnam in 1998. They still live together in a rented house that the landlord hasn’t kept up very well over the years. And, now five people live in the house – a brother and his wife came from Vietnam three years ago.

Betty is a grocery clerk and makes about $2,200 a month. She’s started courses at Langara College and really wants a place of her own, but she can’t find anywhere affordable ($600), close to transit and where she feels safe.

Page 13: What’s Affordable to You?

Tanya,Viktor & Kids

Living right downtown was great until Tanya became pregnant with baby number two. What seemed manageable, even fun, in a one bedroom rental condo, won’t be as manageable for much longer.

Their household income will go down by 30% while Tanya’s on maternity leave (to about $60,000) so it’s likely they will keep renting. A two bedroom townhouse would be ideal, but there isn’t much choice in the city. They don’t want to own a car, so something near the Skytrain and close to reliable child care is needed.

Page 14: What’s Affordable to You?

HenryHenry is living on his own now in the Killarney family home. His wife, who suffers with dementia lives in a local building that provides the support she needs.

Henry feels it is time to move to an apartment. His children suggested moving closer to them in the suburbs. That’s not for Henry. He wants to walk to the community centre and nearby shops in his neighbourhood. He doesn’t want to spend too much on his new place as he wants to keep some money to enjoy life with his grand-children.

Page 15: What’s Affordable to You?

Find out morevancouver.ca/housing