Vancourites and residents of the surrounding cities are finding it increasingly difficult to afford their first or second homes. Most are finding the dreams of home ownership or moving from an apartment or townhouse to a detached home difficult if not impossible.
There is no doubt that Vancouver is the most expensive city in Canada and one of the most expensive in the world. Here are 5 ideas that could make affordability easier:
1. Build More Townhomes
Vancouver has changed the face of townhomes and rowhomes forever. These "in-demand" style of house are very popular, super convenient and somewhat affordable. Townhomes are of course more expensive than apartments or condos but they are a very good alternative to owning a detached home in the city.
2. More Basement Suites
All new and existing homes should be allowed if not required to provide basements suites for rentals. Vancouver has an ever increasing demand for basement suites in desirable neighbourhoods. With the new home and renovation boom, basements suites are just as elegant as anything else.
3. Build More Microsuites
Studios, bachelors and microsuites can offer affordability to those who wish to live in desirable areas at reasonable prices. These should be built with strictly rentals in mind as most people find living in such tight quarters overwhelming for long periods of time.
4. Build More Laneway Homes
Vancouver has increased the amount of laneway homes that are allowed but these homes should also be allowed to be sold to increase the density without changing the look and feeling of the neighbourhoods.
5. Decrease Lot Sizes
By allowing smaller homes, roughly the size of townhomes, but on their own smaller lots would increase density and keep the prices reasonable. More homes in the same area allows for a smaller carbon footprint and allows for increased density and more supply for the already high demand.