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For rents to grow in line with incomes, we need an abundance of housing options in all communities for renters. We need a vacancy rate of three to four per cent. In 2019, Metro Vancouver’s purpose-built market rental vacancy rate was 1.1 per cent, which is extremely low and it has been below one per cent for several years. For context, the Metro Vancouver vacancy rate has not exceeded three per cent since the 1970s.

Even if a family is lucky enough to find a home to rent in Metro Vancouver, the average asking rent for a two-bedroom apartment is $2,159 a month, which is a stretch for far too many.

To address this gap, we need 8,000 to 10,000 additional units for renters in Metro Vancouver just to bring the increase in monthly rents in line with income growth. An additional 10,000 units for renters will be needed annually to keep up with the region’s growth in renter households.

These sobering statistics show B.C. is missing its “middle.” We need more housing for working British Columbians, for those looking to rent or own their homes. Housing forms such as townhouses, row houses, and low-rise rental apartment buildings, along with high-density development, are imperative to having both an affordable and sustainable housing supply for British Columbians.

So, how do we get there? How do we increase density in our urban centres? We know the problems with our housing supply. Now is the time to seek solutions.

In September 2019, the governments of Canada and B.C. created the Expert Panel on the Future of Housing Supply and Affordability. The independent panel has begun consultations to seek feedback and ideas from urban planners, urban economists and municipal housing policymakers to address these issues. Just as importantly, we want to hear from you, the public. We want to hear from people who are on the front lines of the housing crisis, the broad range of people who live in our urban centres and know, from experience, the acute challenges created by a lack of housing supply and affordability.