Will new developments like the Marine Gateway make the city more affordable, as promised or less affordable? Photo courtesy: http://www.marinegateway.ca
By SHAWN GILL
Densification is Vancouver city council’s response to unaffordability, but will it work and will young Vancouverites be able to own homes here?
The facts are alarming: In the past 20 years real incomes in Vancouver have stagnated, while homes have increased in price by an average of 300 per cent.
Many young people, unable to find affordable housing in the city have been forced to leave the city. Many have fled to suburbs further afield into the Fraser Valley and out of province.
Vancouver City Council advocates greater densification to avoid the ceaseless urban sprawl that has occurred to some degree in the Greater Vancouver Regional District but more so in the Greater Toronto Area, and Calgary; a pattern of development which inevitably results in the destruction of prime agricultural land, a denuded regional environment and desolate, uninviting urban landscapes,
For years, densification primarily occurred in the downtown core. First in the West End and then Yale Town, city planners and developers teamed up to conceive of communities from the ground up.
In the West End in the 1970s affordable rental apartment buildings, urban parks, schools were built and new communities were formed.
Later, Yale Town was constructed on old industrial land adjacent to False Creek. By this time, fueled by rampant speculation and overseas investment, Vancouver’s skyrocketing land costs made it difficult for developers to reap profits from rental housing.
A new model of development took hold, one in which developers built upscale market housing for a more affluent clientele.
The densification of Vancouver is spreading outwards from the city’s downtown peninsula along main transit arterials: particularly along W. Broadway and Cambie Street.
The building of the Canada Line and the city’s adoption of the Cambie Corridor Plan in 2011, really kickstarted the densification of Vancouver proper.
Properties along Cambie were rezoned to allow for greater densification. Virtually overnight, homes along Cambie tripled in value, and many residents lined up to sell their residential homes to developers eager to gobble up tracts of land along Cambie.
The plan intends to bring 15,000 more people into the Cambie Corridor over the next few decades.
The largest project on Cambie, Marine Gateway, a mixed-use development that is currently under construction will be the largest and tallest building complex outside of downtown
Vancouver’s standings as the world’s most livable city or just its least affordable hinges on whether or not the densification model currently followed by the city will result in more affordable housing or simply result in even more property speculation.