The middle class are having a tougher time facing the high home prices in Vancouver and Michael Geller, a former Vancouver city planner warns against the rising home prices stating that in the near future, the middle class with be wiped out completely from the real estate market if measures are not taken now to control the situation.
Low earnings coupled with high home prices is no longer a topic spoken in whispers in Vancouver as living in the city has become a tough challenge especially for the middle class.
According to some real estate experts, more effort is to be made to increase on the supply of affordable homes to come to the aid of middle-income earners.
For one expert, the only way out is through a “third housing sector” which involves cooperation between the public sectors, private developers, non-profits and other community investors.
The city will tend to achieve a lot if the current housing crisis is not left on the shoulders of only one sector. With all the various sectors coming together as one, more productivity results will be reached at.
One of such examples is the redevelopment project of the Oakridge Lutheran Church which the city is in dying need of. The project not only serves as a community home space, it will serve as a church and also create 46 less expensive rental units.
Speaking on the subject, Robert Brown, president of Catalyst Community Developments Society expressed that efforts are being made to provide more affordable home and if there is any excess in revenue, it will again be used to create more homes.
Brown quickly added that drastic and fast measures are needed to prevent the removal of the middle class from the community.
Former city planner Larry Beasley also agreed saying middle class people face high risk if the city does not take action to provide more affordable homes.