Following is a letter published in the Richmond News on July 28th, and speaks of a common concern in the City of North Van:
One hundred and forty families in central Richmond will have to move soon as our rental building is being torn down for condos — condos that we cannot afford to buy.
Condos are so hot now that buyers are putting in offers sometimes $50,000 dollars over asking and without subjects. The loans the government is willing to lend first-time buyers only make the housing market more unaffordable. A 20-year-old two-bedroom apartment lists at almost half a million dollars.
I thought as a teacher I had a good job, but I can’t afford a home in Vancouver. The B.C. economy does not allow the average person to legally make enough money to buy an apartment. Notice, I didn’t say house. Those rarities are for investors or the lucky children of people who bought years ago.
The property speculators who are building these new buildings believe renting devalues them. When our buildings are torn down, there will be 140 families looking for accommodation. The vacancy rate is under one per cent in Richmond! Waiting lists for most co-ops are closed.
Where are we to go?
Renters who work in the city will have to move farther afield. But now there’s another problem. The Liberals’ 15 per cent tax did not extend to outlying areas. So now homes in Maple Ridge and Chilliwack have gone up by 12 per cent from last year. Are we supposed to move to another province?
A lot of young people who were raised in B.C. have moved away because of unaffordable housing. If the government cannot do something as simple and necessary as providing affordable housing — we’re not asking them to solve climate change here — then we really need to ask ourselves if they’re competent enough to manage the province.
Some people may think that since they own their house, none of this applies to them.
Well, sorry, it does.
I have friends who own houses and say they can’t move because the prices are too expensive to move up the property ladder. Their children have moved and they see their grandkids once or twice a year. No one wins, except for the property speculators who’ve turned what used to be affordable homes into lottery tickets. Our slogan should be Formerly Beautiful BC.