Call for New Rental Housing Developments and Upgrades

realtor vancouverCanadian municipalities are asking Ottawa to support the development of the rental market.  According to recent reports, there has been a severe lack of new rental construction in the past number of years.

While research shows that one third of Canadians are renters, the past decade has witnessed only about ten percent of construction aimed at the rental market.  What this means is that too many are unable to find affordable rentals and many rentals are increasingly run down and out of date.

Not only are municipalities concerned about the lack of available housing in the rental market, but they likewise suggest that the slow down of construction in the new-housing market has led to a good deal of layoffs and unemployment. A corespondent with the NDP stated “This is not Casa Bonita Cabo, our citizens do not enjoy a warm December sun, they are hard working people who need to be able to find adequate housing for themselves and their families before winter arrives. Or we will be facing a crisis spanning housing, homelessness and and all that that entails. We cannot allow our citizens to slip into such a harsh cycle.”

By funding more rental developments, the government could help to increase construction jobs.

One of the reasons for the lack of development in the area according to realtor Vancouver and Vancouver realtors groups has been the fact that the condo market has pushed land prices upwards.  This in turn has made it more difficult for developers to finance rental housing.

For renters, low vacancy rates and higher rents have made it very difficult to find suitable or affordable homes.  And as mortgage regulations tighten up and the economic situation remains uncertain, less and less people are going to be able to get into the property for sale Vancouver market.

Condos for sale Vancouver and homes for sale Vancouver will become increasingly out of reach so long as prices continue to sore.  More rental accommodations that are updated and affordable are certainly needed say realtors Vancouver.

Some suggest that Ottawa consider providing loans at a low-interest rate to developers in order to spur construction in the rental market.  Tax credits for retrofitting older rental apartments might also offer incentives to landowners.

The NDP supports the suggestions and is hoping the government will take seriously the housing situation and think about a national housing strategy soon.

This entry was posted in BC Real Estate, Canadian Real Estate, Vancouver Real Estate, Vancouver Realtors and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.