By Roy L Hales
Vancouver’s real estate values have skyrocketed 280% since 1986, while wages have only increased 7%. A new report shows the affordability crises impacts both renters and homeowners. The average westside home was selling for $1.4 million last May. Though 10,800 housing units have been empty for more than a year, 1 only about 337 available as rentals. 2 This suggests that speculators own many of the vacant units. City staff recommend taxing Vancouver’s empty homes.
- Policy & Regulatory Steps for Reducing Empty Housing, City of Vancouver Administrative Report, June 16, 2016, p 2 ↩
- ibid, p 3 ↩