This kind of a space for $750 seems ridiculous to me, even if it is located downtown.
I watched Councillor Raymond Louie on the news a couple of nights back speaking about the upcoming microlofts that Council gave the go ahead to in 2008. He spoke about how this was the direction that the city was heading in and that creating new rental housing in the downtown core was a positive thing.
And, I suppose I cannot argue with that. Just like I believe that communities that have a publicly funded component to them must have social housing in the mix, I also feel that downtown – particularly one that is as residential as Vancouver’s – must have a range of living options.
Additionally, it seems as though groups like the Tenant Resource and Advisory Council have been swept along with the paradigm shift that has occurred in Vancouver over the past decades. Namely, that new rentals properties of any size are a welcome phenomenon amongst the Vancouver real estate landscape, and that density within the city is positive and on the cutting edge of innovation (microlofts, laneway housing, etc.).
But for the life of me, I cannot fathom how a space smaller than two parking spots is worth $750 per month.
While the fact that Vancouver has just been deemed as the least affordable housing market in a survey of 300 major metropolis’ worldwide is stunning, it can no longer be seen as a surprise.
The news broadcast that I saw talked about how these lofts were perfect for students or service workers.
To the contrary, let me reference a comment made in the above-linked Frances Bula piece:
“Let’s consider the math behind a person with $25,000 income.
Let’s say 2k take home every month (an overestimate… no money to msp, EI etc)$2000
-750 (rent)
-450 (food @ $15 a day)
-45 (internet)
-50 (phone)
-100 (public transportation)
—–
+605So this means that a person buying just the bare essentials can save approximately 3500 a year, with very little leeway. The 3500 includes all of this persons dental, retirement, gift (xmas/bdays), and personal funds (movies etc). Doesn’t seem worth the sacrifice to me, maybe it does to others. Last time I checked it costs money to do everything in this city, particularly anything social.”
Sorry, but that doesn’t exactly seem like a perfect setup for someone earning $12/hour, which is the situation that this scenario is referring to.
As a newly married couple that is now looking at housing options, I can tell you that it is a depressing set of affairs for my wife and I. Both of us have above average incomes, and yet, the dream of purchasing anything above a 700 square foot condo seems so out of reach.
I grew up in Vancouver. I continue to rent in Vancouver. But the dream of owning a house is something that seems reserved for those young people that spend 5-10 years of upgrading to get to that point, or those that inherit a property from their family.
I am sure that I will get many emails talking about how out of touch I am with the way in which to move up in the real estate market. And, maybe I am to some extent.
But the bottom line is that $750/per month for these microlofts seems completely out of line to me. The proviso that it is “downtown living” doesn’t make me any more comfortable with the idea.
Don’t get me wrong…this is not a post that is attempting to attach blame to this kind of a development – not the previous NPA council, nor the developer, nor the current Vision council.
This is simply a lament for a city that has priced me and my dreams of living in it out of the equation.
