Vancouver has no place in the affordability business, that’s something best left to the rest of Metro Vancouver.
That was part of the core message from real estate marketing mogul Bob Rennie, who was speaking at the Urban Development Institute Luncheon today.
Rennie also saying there is no housing affordability without making improvements to transit, adding sites close to transit will outsell those far away from it.
Rennie says when it comes to housing affordability, Vancouver should step back and leave it to outlying communities like Burnaby, Surrey and Coquitlam.
Speaking after the talk, Jordan Bateman from the Canadian Taxpayers Federation says a lot of these municipalities, including Vancouver, do have the resources to deal with Translink issues.
“But Municipalities need to reprioratize their spending, so instead of adding another development cost charge for TransLink, why don’t we have the City of Vancouver allocate some of their large tax-take, $50,000 on a $400,000 condo. Why don’t they reallocate some of that towards this? Make it revenue neutral so at least you’re not driving up the housing market because of this.”
Rennie says developers should pay for new transit stations by being able to build to larger densities around them, instead of taxpayers.