Based on a 2016 federal census, the City of Vancouver drew up an official profile of social indicators for 2020. The city profile notes that the median personal income in the city is $39,000.
The standard measure of affordability is 30% of income for housing costs.
Using this standard, someone earning $39,000 should only pay $975 for a 1 bedroom unit or studio in Vancouver.
A proposed development in Vancouver highlighted measures of what it calls 'for-profit affordable rental housing'. Every year the city updates a bulletin setting the initial maximum rents that can be charged on these projects.
In exchange, developers get a number of incentives, including a waiver on paying development cost levies.
For 2021, the starting rents for new eastside rentals are as follows: $1,653 for a studio, $2,022 for a 1 bedroom, $2,647 for 2 bedroom and $3,722 for a 3 bedroom.
Earnings would have to be more than $80,000 for a person to affordably rent a 1 bedroom unit on the eastside and more than $148,000 yearly to affordably rent a 3 bedroom unit.
On the more expensive westside of the city, the intial maximum rents are: $1,818 for a studio, $2,224 for a 1 bedroom. $2,912 for a 2 bedroom and $4,094 for a 3 bedroom.
Earnings would have to be almost $90,000 for a person to affordably rent a 1 bedroom unit on the westside and almost $164,000 yearly to affordably rent a 3 bedroom unit.
How are our affordability guidelines working? You decide.
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