Can UDI or NPA or REIBC or any other advocate of more supply, supply, supply answer this question in a way that is intuitive, simple to understand and correct? Otherwise, why should anyone believe them – particularly those groups who will be out in force to fight any significant rezoning of their RS-1 neighbourhoods?
“What’s causing the supply shortage is the restrictive single-family home neighborhood zoning on 85% of our residential land base. That keeps out young families, middle income earners and renters, who can’t afford single-family homes,” said Anne McMullin, president and CEO of the Urban Development Institute, Pacific Region.
“We clearly need a regional housing strategy with more homes for more people,” she added. “That means more high-rise apartments along rapid transit corridors and more townhomes, rowhomes [and] multi-family low-rises.”
But recent studies show the reverse is true: fewer people can afford to buy condominiums in the Metro suburbs that have seen the greatest increase in supply over the past two years.
Spurred by the extension of rapid transit, Burnaby, Coquitlam, New Westminster and Surrey have seen explosive growth in strata projects, but they all share something else in common: as the residential towers ascend, housing affordability has eroded.
After record-breaking construction in 2016, Surrey had more multi-family housing starts– 2,390 and mostly condo apartments –in the first half of this year than in any other Metro Vancouver municipality, but condo affordability has fallen by 7.8% compared to a year earlier, according to a survey by credit union Vancity.