Non-market housing 'renaissance'? Ownership options growing in B.C.
CTV
Home ownership is out of reach for many British Columbians in the face of ever-rising prices, but non-traditional options are becoming an increasingly attractive prospect – despite the caveats.
Home ownership is out of reach for many British Columbians in the face of ever-rising prices, but non-traditional options are becoming an increasingly attractive prospect – despite the caveats.
From co-ops, to unconventional mortgages, to not-for-profit ownership, are all seeing soaring demand for various reasons, with pros and cons to each option.
The Whistler Housing Authority has the most unusual model, and one that’s gathered considerable interest around the province and beyond. Those working full-time in Whistler can apply to rent or own housing units ranging from one-bedroom to family-sized, provided they don’t own any other residential properties.
“A two-bedroom rental unit would be approximately $800 a month, or around $450,000 to purchase within the affordable home ownership inventory,” said WHA general manager, Marla Zucht, noting the wait list is three to four years.
She said while the resort community is still struggling to provide housing for its staff, about half the 14,000 full-time residents who work there are now renters or owners in the affordable accommodation, which they see as a “nest rather than a nest egg.”
“The resale prices are restricted in price in perpetuity so that they do remain affordable for future generations of employs,” said Zucht. “The resale prices are tied to the consumer price index, essentially increasing at the same rate as inflation.”
Co-op housing continues to be a pipe dream for many people looking for an affordable home, without many of the stressors of home ownership. The federal government stopped building co-ops in the early 1990s and wait lists have only grown for what is now an aging supply.
