Affordable rental housing in BC is in a crisis mode and has been for some time now. With average and median housing prices in Duncan nearing 350k (Victoria over 500k and Vancouver nearly 700k), there has never been a more crucial time for our government to make opportunities for affordable housing alternatives. Let's say for example that someone wanted to buy an 'average' house in the Valley. Using $300000, let's assume that they managed somehow to save up the $15000 5% down payment. After the CMHC insurance, lawyer and other fees, they take a mortgage out for $295000. At a 6.5% interest rate over 25 years, that would make payments of around $2000/month. Add to that property taxes and heating each month and it's probably in the range of around $2300/month. The ratio that the bank allows for total housing costs is 32% of your gross monthly income. So doing the math, if you need $2300 a month, you must gross nearly $7200/month in order to comfortably make those payments. That is a household income of $86000 / year to start and live in a house right now here in Duncan.
It's safe to say that you need to be rich to live in BC these days (and arguably most of Canada). If you add to these figures the cost of living in terms of transportation, food, utilities, and education (which is around $5000/year right now at UVIC just for tuition alone), it's clear that BC has become a luxury province where the rich are getting richer only for the poor to get poorer.
In OT Israel, there was a concept of Sabbath, Sabbatical and Jubilee. Among many things, they were designed to help the poor. Being an agricultural/agrarian people, they relied heavily on the weather and land for their living. It was quite common for a particular tribe to have a 'tough year' or two because of one reason or another. But regardless of what happened, everyone knew that every 7th year, the land would grow wild. While this was good for the land, that was only one of the reasons for Sabbatical. It was also so that the poor could eat!
And every 40 years was Jubilee. During the 40 years, land would change hands and certain tribes may become indebted to each other because of rough luck etc. But at the 40 year mark, everything went back to its original owners. That meant no one could be in debt more than one generation!
The way we're going out here, it's become impossible to get a 'leg up' anymore. The latest figures I saw in the Cairnsmore area had the average individual income at just around $25000/year. If you assume two working people in the home both working full time and making the average (not taking child care into consideration either), that is still $36000 short to own an average home right now.
It's more than luck to live here right now. Is that how God would want it?
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