Port Moody Detached Housing Market Trends
- Total Port Moody Detached Houses For Sale: 79
- Variance from Previous 30 Days: -18%
- Average Port Moody Detached House Price: $1.5M
Port Moody Condo Market Trends
- Total Port Moody Condos For Sale: 42
- Variance from October, 2019: -46%
- Average Port Moody Detached House Price: $620K
Port Moody Townhouse Market Trends
- Total Port Moody Townhouse Listings: 35
- Variance from October, 2019: +28%
- Average Port Moody Detached House Price: $700K
A GROUNDBREAKING PLAN TO FINANCE A NEW VANCOUVER REAL ESTATE DEVELOPMENT HAS BEEN REVEALED
Metro Vancouver has suffered from a lack of real estate innovation and investment over the last few years and decades. As such, the time has come for a new development to introduce more rental properties in the Metro Vancouver area. This should help deliver new social housing to people in the area, making real estate more affordable.
The problem is that private firms struggle to release developments that can both generate profits while offering a positive social housing solution. As such, an economist of the Canadian Center For Policy Alternatives believes that the government must intervene and help build the affordable housing the people of Vancouver desperately need.
Currently, there’s a severe lack of affordable social housing in this area of Canada. What’s more, the population continues to increase. The current rate sits at an increase of 1.4% per year. When taken all the way through to 2041, this means there need to be at least 112,626 new rental units built in that time. Rough calculations estimate this works out as about 5,000 units per year.
Marc Lee, the economist previously mentioned, has called for a massive government plan to meet these demands. He has released a 10-page analytical document that looks into the idea of affordable housing development in Metro Vancouver over the next 20 or so years. His current calculations suggest that it would cost $1.25 billion to finance the construction of 5,000 new units per year until 2041. However, he also argues that 10,000 units are a more realistic goal as there has been a significant lack of development since the turn of the century. This would amount to an overall cost of $2.5 billion.
Critics will argue where this amount of money could possibly come from. This is where the government should step in. They can work with other companies in the public sector to source out the land needed to build these homes. Then, they could supply a gigantic loan to cover the majority of the costs. Lee argues that the rental income yielded by these new developments would easily make up all the construction costs over time.
As of right now, this is all just a theory and an idea. However, people in Metro Vancouver will hope that it comes to pass. The city is in dire need of more affordable housing, and the government can play an integral role in making this dream a reality.