Greater Vancouver Real Estate BlogRecently posted or modified blog posts by tag - housing affordability issuehttps://www.vancouverhousefinders.com/blog/Copyright VancouverHouseFinders.com2018-10-31T14:56:41-07:00tag:vancouverhousefinders.com,2012-09-20:4296Vancouver based investment firms join hands to counter housing affordability issue.Due to the affordability-housing crisis in Vancouver, two of the biggest Investment Funds have announced their agreement to tackle the issue at hand.
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Ocean Rock, the firm responsible for almost $1.4 billion in total Canadian investments has invested in New Market Funds, a company focused on delivering long-term community benefits as well as market-based returns.
Through its wing, Meritas SRI Fund, Ocean Rock is likely to invest in the affordable housing fund so launched by New Market Funds, which will be able to deliver affordable housing in main Canadian cities. On the other hand, the investment will provide its investors a competitive return along with a positive social and environmental impact as well.
The New Market Funds has collaborated with co-operations, governments, and non-profit organizations to build the affordable rental housing. It also works with private capital so as to be able to fund it’s other projects and has committed capital to be able to facilitate the construction and development of more than 358 units in Vancouver itself. The said capital was invested by Vancouver Community Land Trust Foundation and B.C. Housing.
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According to sources, the units will be much more affordable than the current options so available and will also be in the future be managed by co-operations and non-profit foundations primarily and then be completely owned by the same partners. The future plans for New Market Funds consists of development of more than 1100 units in 5 major cities of Canada including Vancouver and Victoria.
The market hopes that many other firms will also take similar steps to solve the housing affordability issue at hand and contribute to positive impact.2016-09-15T23:30:00-07:002018-10-29T17:06:41-07:00Hani Farajtag:vancouverhousefinders.com,2012-09-20:4270Interjection by Government to Solve Affordable Housing Problem in Vancouver BC.<img src="https://assets.site-static.com/userfiles/1084/image/Interjection-by-Government-to-Solve-Affordable-Housing-Problem-in-Vancouver-BC.jpg" width="610" height="320" />
Vancouver is in the middle of a huge real estate crisis due to the lack of <a href="http://www.vancouverhousefinders.com/finance/">affordable housing availability</a> which has been a result of various reasons like fixed rental agreements, foreign buyers etc.
On June 26, 2016, it has been announced by Rich Coleman, deputy premier and minister of Natural Gas Development and Housing that almost $150 million will be utilized over the next 2 years under the Affordable Housing agreement to tide over the crisis.
The Agreement includes an addition of $63 million that shall be utilized for the following demarcations:
$50.9 million to be utilized for Repairs for the Aging Social Housing Units.
$25.2 million to be used for repair, construction and adaptation of affordable housing for senior citizens.
$10.9 million to be utilized towards the construction and renovation of shelters, transitions homes for victims of violence.
The stats are astonishing for the year 2016, with an almost 41.7% increase in the 10-year sales average for the Real Estate Board of Greater Vancouver while as the cost of the median household income to cover ownership costs associated to a single detached home is almost 119.5% according to a recent report by RBC Housing Trends and Affordability.
Hopefully, the interjection by the federal government will help nullify the affordable housing problem and help those who can now only <a href="http://www.vancouverhousefinders.com/contactus/">dream of owning a home</a>.2016-07-22T18:07:00-07:002018-10-31T14:56:41-07:00Hani Faraj