A University of B.C. expert says it’s still possible younger generations of Vancouverites will be able to buy a home locally in their lifetime, despite a new report ranking the Lower Mainland as the world’s second most unaffordable housing market.

According to an annual international affordable housing study released Monday by Demographia, only Hong Kong is more expensive than Vancouver when it comes to buying a home.

The report states urban policy needs an urgent “reset” since so much emphasis is placed on curtailing sprawl, which in turn puts land at a premium and forces housing prices up.

But UBC community and regional planning professor Aprodicio Laquian said the Lower Mainland model, where regional town centres branch out from downtown Vancouver, is one of the best in the world.

“You ensure that housing, employment, leisure, etc., are all congregated around central nodes,” he said, adding there’s hope housing can be both sustainable and affordable in Metro Vancouver if the government continues to invest in rapid transit that reaches out to all the town centres.

He acknowledged one of the keys to affordable housing in Vancouver is subsidization.

“That’s a dirty word to many policy-makers,” Laquian admitted, but pointed to models such as Singapore where the government owns 85% of the housing stock.

In the city-state, he said, wealthy businessman often live in condos neighbouring the buildings their drivers dwell in.

“You use those profits you get from rich foreigners and then you use it to support your local people.”

Poll

Do you think younger generations will get to own Vancouver homes?

Sunday, May 19, 2013

0% 0 votes	Yes.
0% 0 votes	No.
0% 0 votes	Unsure.