A Home Expert’s Perspective on the Housing Situation in BC

Securing housing in British Columbia has become an increasingly formidable challenge, with individuals facing difficulty in both purchasing a home and finding affordable rentals. The pervasive issue has led some residents to contemplate relocating to provinces with a more manageable cost of living.

Mary Saleh, a Housing Consultant in Vancouver, BC, highlights the challenges residents face due to soaring real estate prices, limited housing supply, and a competitive rental market with high rates. Additionally, Mary stressed the urgency of addressing these issues collectively through collaborative efforts among policymakers, housing experts, and the community.

When Sherry asked about the impact of rising housing costs on the younger generation, she also observed the rising cost of living in BC over the past decade, saying, "The influx of newcomers and immigrants has brought opportunities but also posed economic challenges, particularly in housing."

Mary pointed to the mismatch between income levels and housing expenses in BC, contributing to the affordability crisis, and delved into specifics, such as the increased demand for housing leading to rising prices, limited availability, and the need for strategic planning to address these challenges. Mary noted that the COVID pandemic further compounded our economic situation as well.

Sherry inquired about challenges in purchasing pre-sale homes, and Mary suggested thorough due diligence, legal and financial advice, and staying informed about market conditions. Mary said, "It is important to research the reputation and track record of the developers involved as well as structure, payments and timelines and any potential additional costs associated with pre-sale properties.”

Mary highlighted the contribution of newcomers and immigrants to BC's economy and their adaptability to demographic and economic changes. Expanding her perspective, she considered the challenges faced by seniors securing homes with pensions, recognizing the broader societal impact. Mary particularly emphasized the potential economic challenges magnified by high interest rates. She discusses how these rates affect borrowing, mortgage affordability, and the overall financial landscape, further contributing to the complexities of housing issues in BC.

In summary, the challenges of housing affordability in BC, particularly for the younger generation and seniors, were discussed. Sherry concluded by stressing the importance of collaboration, community awareness, and inclusive solutions. She invited viewers to actively participate and share suggestions, acknowledging the multifaceted nature of the issues, including the impact of high interest rates on housing.

Guest: Mary Saleh, Housing consultant

Journalist: Sherry Soltani

Skyrise Media Society