“Affordable” Housing in Metro Vancouver
Assessing parking needs for below market rental housing
PHOTO CREDIT: ADITYA CHINCHURE\UNSPLASH
BY GARY VLIEG, CTS
The term “affordable” housing has many meanings for different people and it is highly dependent on where you live and what your income is. A more generic definition that allows for variations in income and regional housing costs looks at two elements: average cost of housing and average household income for that region. There is an implied assumption that average income is related to regional cost of living, i.e., if you live in an expensive region, your household income will reflect the increased costs. The Canada Mortgage and Housing Corporation (CMHC) offers the following definition: “In Canada, housing is considered “affordable” if it costs less than 30% of a household’s before-tax income.” The economic variation across the country must not be forgotten, however; “affordable” housing in Metro Vancouver would be considered “unaffordable” in most parts of Canada, with Toronto being the lone exception. Other terms used in the discussion around affordable housing are “below market rental” or “non-market rental”.
27 TRANSPORTATION TALK | WINTER 2020-2021
