Housing went from affordable to extremely unaffordable under Vision Vancouver

2008 2018
Median Houshold Income $52,000.00 $70,000.00
Median 2-Bedroom rent $1,285.00 $2,612.00
Rent as a % of Income 29.65% 44.78%

When Vision Vancouver came to power in 2008, the median income in Vancouver was $52K1)Extrapolated from https://vancouver.ca/files/cov/2018-housing-vancouver-annual-progress-report-and-data-book.pdf, while the rent for a two bedroom apartment was around $1,285 per month2)http://www.metrovancouver.org/services/regional-planning/PlanningPublications/ApartmentAverageRentsTwoBedroom.pdf, or 30 per cent of the income would be going towards rent.

After a decade under Vision Vancouver rule, the median income in Vancouver has increased by about a third to $70K3)Extrapolated from https://vancouver.ca/files/cov/2018-housing-vancouver-annual-progress-report-and-data-book.pdf, but rents have doubled to $2,612 per month4)http://quantitativerhetoric.com/monthly-rental-report-june-2018.html, or 45 per cent of the income would be required to pay rent.

30 per cent is considered the upper limit of affordability in Canada5)https://www.cmhc-schl.gc.ca/en/developing-and-renovating/develop-new-affordable-housing/programs-and-information/about-affordable-housing-in-canada, meaning that when Vision Vancouver first came to power, at least rental housing was still affordable.

The percentage of a household’s income going towards rent has increase by 50% under Vision Vancouver, making housing extremely unaffordable to middle class income earners.

Vision came to power promising to end homelessness and build affordable housing6)https://cityhallwatch.files.wordpress.com/2014/06/vision-vancouver-platform-2008-election.pdf. Vision has failed on both counts.

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References   [ + ]

1, 3. Extrapolated from https://vancouver.ca/files/cov/2018-housing-vancouver-annual-progress-report-and-data-book.pdf
2. http://www.metrovancouver.org/services/regional-planning/PlanningPublications/ApartmentAverageRentsTwoBedroom.pdf
4. http://quantitativerhetoric.com/monthly-rental-report-june-2018.html
5. https://www.cmhc-schl.gc.ca/en/developing-and-renovating/develop-new-affordable-housing/programs-and-information/about-affordable-housing-in-canada
6. https://cityhallwatch.files.wordpress.com/2014/06/vision-vancouver-platform-2008-election.pdf

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