Today's twentysomethings are feeling pinched, trying to earn meaningful pay cheques to put toward a mortgage, but the Canadian government has made it even tougher by tightening lending rules to keep a leash on the housing market. Combine this with a decade-long rise in house prices across Canada, it's no surprise Gen Y is feeling down about buying their first home.
This Wednesday, one day after B.C.'s provincial election, Vancouver city council, led by Mayor Gregor Robertson and his Vision majority, will approve the development of four city-owned sites, including a riverfront property on Southwest Marine Drive, as part of the mayor's grand plan for "affordable housing" in Vancouver. Distracted by the post-election din, the mainstream media will barely notice. But it may be the biggest deal of Robertson's second term. And perhaps his most controversial.
This model of development, mixing both non-market and market uses in a self-supported manner is an innovative, yet repeatable approach. We recognize these two projects will not solve the housing or affordability issues that plague Vancouver, but we do believe they are small, positive steps forward towards creating more vibrant mixed communities throughout the city.