Student Housing Crisis in the Lower Mainland

Student Housing Crisis in the Lower Mainland

Renters in the Lower mainland are experiencing a housing crisis due to the vacancy rate of rental and the skyrocketing cost of decent housing. One of the parties discussing this issue is an advocacy group which recommends that the area needs additional five-hundred rental units. Canadian Centre for Policy Alternatives is another interested party which established a report recommending that the Lower Mainland needs ten-thousand non-market rental units every year which would cost an estimate of 2.5 billion dollars every year. The report says that the situation is a felt need for low-income groups. In their discussion, the Canadian Centre for Policy Alternatives reported that low-wage earners could not afford even the cheapest one-bedroom apartment in Metro Vancouver’s 70 neighbourhoods (Corbett).

The cost of housing is an issue at stake. Vancouver had the most expensive rentals of two-bedroom apartments in Canada in last year November. After a 6.5% rise in 2018, the cost of a two-bedroom apartment in Vancouver went up to well above three-thousand dollars per month. Other issues at stake include increased interest rates and more people are actively seeking cheaper alternatives to their homes that are facing increased rent. Many young families and new couples are postponing buying homes because they are unaffordable.

Besides, students have been on waitlists for studio apartments for longer than eight months. UBC explains that they are losing so many young people whom they cannot replace because people get scared away by the rents. Housing is so expensive that persons prefer commuting for many hours every day to work in the Lower Mainland to paying the high price of accommodation. UBC is profoundly affected by the skyrocketing cost of housing that its students face housing insecurity, and the institution ends up losing talent.

SFU’s mission statement is ironical since it is to “develop healthier and more vibrant communities.” Yet, the university allowed rent and housing prices to shoot so high, creating a crisis for students (Rey). SFU has plans of building more hostels; however, the province put new tax enactments that fail to address the underlying challenge. Cities are not adequately planning their neighbourhoods.

Solutions

According to Vancouver Sun, the students’ organization of Alliance of B.C. proposes that one solution to the housing crisis in Lower Mainland for students is construction more on-campus dwellings at universities and colleges. This solution can be possible if the government allows post-secondary institutions to take up loans to build the infrastructure. The students’ organization proposed that the accommodation fees paid by the students will clear the debt. To ensure that the project moves fast, the alliance recommended that the government funds 10% of building the hostels.

To solve the housing crisis, investors are lowering their expectations on making profits in the name of social returns citing that they are doing what it called impact investing. Also, faith-based organizations, charitable organizations, and non-profit organizations are coming to the rescue of the region’s housing sector. While other cities devote 30% of their housing market to non-market housing, Vancouver stands at only 5% (Nguyen). Therefore, Metro Vancouver should scale up to meet its peoples’ demand for housing.

Annotated Bibliography

Browne, Alex. “White Rock Focusing On Affordable Housing Needs – Surrey Now-Leader”. Surrey Now-Leader, 2020, https://www.surreynowleader.com/news/white-rock-focusing-on-affordable-housing-needs/.

The article from surreynowleader.com explains action taken by White Rock to seek provincial funds to assess the current shortage of options. The author provides detailed information on the kind of housing that the city sets out to develop, as well as the sources of funding for this project.

Corbett, Neil. “More Units Needed In Maple Ridge to Relieve Rental Crisis – Maple Ridge News”. Maple Ridge News, 2019, https://www.mapleridgenews.com/news/more-units-needed-in-mapel-ridge-to-relieve-rental-crisis/.

This article briefly highlights the problem at hand. That is, the report addresses the crisis of student housing in Maple Ridge. Besides, the author tries to recommend some solutions to the current crisis. Notably, the author emphasizes on a solution that involves construction or more rental housing units.

Nguyen, Alex et al. “Our ‘Big One’: Lifting the Crushing Weight of the Vancouver Housing Crisis”. The Ubyssey, 2020, https://www.ubyssey.ca/features/our-big-one-vancouver-housing-crisis-feature/.

In this article, the author reports direct speeches of students living in Vancouver. The students are lamenting the unaffordable housing in the area. A first-year student explains that his friends in the second and third years of study have been on the waitlist for studio apartments for over eight months.

Rey, Kevin. “The Student Housing Crisis That Isn’t Going Away | The Peak”. The-Peak.Ca, 2016, https://the-peak.ca/2016/09/the-student-housing-crisis-that-isnt-going-away/.

This article by The Peak brings its audience into context by explaining the situation exactly as it is. The author highlights specific facts about the housing crisis in the area. Also, the author describes the current housing condition of students, as well as the alternatives for the higher-priced houses.

Saltman, Jenifer. “B.C. Student Organization Calls For More On-Campus Housing | Vancouver Sun”. Vancouversun.Com, 2016, https://vancouversun.com/news/local-news/b-c-student-alliance-calls-for-more-on-campus-housing/.

This article was useful for this paper mainly because it explains the outcomes of the meeting between the B.C. student organization and the administration. The article informs that the alliance suggested that colleges and universities should build more on-campus houses.

UBC. “Three Takeaways From The Roundtable On Non-Market Housing Innovation | Office Of The President”. President.Ubc.Ca, 2019, https://president.ubc.ca/blog/2019/05/09/housing-affordability/.

This article leaks some information from a roundtable discussion on non-market housing innovation. That is, some investors are considering developing property, not for financial returns but maximum social benefits. In other words, some investors are considering impact investment.