What do we mean by affordable housing? The nationally recognized definition used by Canada Mortgage & Housing Corporation for ‘affordable housing’ is shelter (including rent or mortgage, property taxes and utilities) which costs no more than 30% of one’s total income. High shelter costs put stress on households and means they must struggle to afford other basic necessities, e.g. food, clothing, and utilities. Affordable housing provides stability for households and is the foundation for building strong, healthy communities. Affordability affects both renters and non-renters. Unfortunately, the high cost of land, materials, and construction means that the private sector has all but stopped building affordable rental housing in favour of more profitable forms of market-based ownership housing. A dwindling supply of rental housing coupled with growing demand has resulted in higher than average rents. This – combined with the second lowest vacancy rate in the country - has left many households in B.C. unable to find market housing that is affordable, in adequate physical condition, and of a suitable form size. Since 2001, nearly half of the province’s renters have spent 30% or more of their income on rent. BC Non-Profit Housing Association (BCNPHA) is a provincial umbrella organization providing education, services, and advocacy to the non-profit housing sector. Non-profit housing societies build and manage long-term, affordable shelter for those unable to find housing on the private market. Non-profit housing societies are a key contributor to the supply of quality, affordable housing in our communities.
Posted on: Sun, 01 Dec 2013 07:34:45 +0000
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