Dear Editor,
The conflicting reasons for Richmond’s (and the Lower Mainland’s) high cost of housing will continue to be presented in a cloud of ambiguity with statistics and facts that do not reflect the whole picture.
Local developers and those in the real estate industry are continually suggesting that the solution to Richmond’s housing affordability crisis would be increasing the supply of homes on the market.
Would this suggestion really help the local residents of Richmond or is it just another means of creating lucrative investment opportunities for the wealthy?
Do we really believe that the motivation of developers is to flood the market with more product for the sole purpose of creating affordable housing for the average working family?
According to the 2016 Census data, “residential” dwellings in Richmond have increased by 8.9 per cent since 2011, whereas the population has only increased by 4.1 per cent during the same period of time. Let’s assume each new “dwelling” housed an average of 2.2 residents. Given this data, it would suggest to me that the current new housing supply is already well ahead of demand as far as population growth is concerned.
From a real estate developer/investor standpoint, the housing supply is still seriously lagging behind.
What constitutes a “non-resident unoccupied dwelling”? How many dwellings are registered under the name of a Canadian resident or a landed immigrant and yet were purchased using undeclared, tax-free earnings from a non-resident?
This is information Census would never collect, nor would it be volunteered by any participant.
Even accurate data for Richmond’s population numbers are inconsistent. The City of Richmond website claims the current estimated population in 2017 is 218,307 and yet the Feb. 17 Richmond News article states, “Richmond’s official population inched closer to 200,000 people, according to the 2016 Census.
Did over 18,000 newcomers arrive in the last year?
The 2011 National Housing Survey rated Richmond as the “poorest” city in the Lower Mainland based on annual family income data supplied by Revenue Canada. One has to wonder how the city will rank in 2016. Will it matter?
Ken Moffatt
Richmond
