There's been a lot of handwringing recently as many 30and 40-somethings try to squeeze themselves into an ever-more expensive housing market. The housing market in Metro Vancouver may not have "corrected" itself, and indeed, may never correct itself, and younger folks often feel they may never own a single-family residence, as their parents did.
But if young people find that scenario depressing, consider this: if you manage to live long enough to be considered a senior, there might not even be enough social housing for you.
According to a just-released report from the United Way and the Social Planning and Research Council of British Columbia the number of seniors and people with disabilities waiting to get into social housing in Metro Vancouver has jumped by nearly 50 per cent in three years.
There are now 4,549 households on social housing waiting lists in Metro Vancouver.
Finding affordable housing as a senior on a fixed income is like winning a lottery. Many seniors are only pulling in $1,200 per month on government pensions, while, on average, one bedroom apartments in Richmond rent for $1211 a month and two bedroom apartment rent for $1759, according to the housing search engine RentJungle.com
So what will housing look like when the current 30 and 40somethings have finally paid off their townhomes and hope to sell them and retire in Salmon Arm? Will they be able to afford to rent a basement suite in Salmon Arm? Or will there, by that time, be attractive affordable multi-generational and multi-income level communities thriving in the Lower Mainland?
We're hoping for the latter - but we suspect such hope is over-optimistic.
