Supporting the calculations behind the blog on solving the Metro Vancouver housing crisis :
Estimated rental rates costs are such that for a two-bedroom unit, a renter needs to earn around $30 to 35 dollars per hour in wages. At this level of income, the rental cost is 30% of total earnings.
Total households in Metro Vancouver is 917K (thousand)
Looking at the actual wages earned – which are much lower – the estimate is 12.8% of households earn less than $30K per year. Each of these households is estimated as a $15K shortfall each year to bring current rents under 30% of total annual household earnings. Assuming about 90% in this income level are renters, the subsidy required for this group is 105K households times $15K each or $1.5B (Billion) a year total.
Similarly households earning between 30K and 60K a year is 20.3% of households. Assuming 30% are renters then these 56K renters need a subsidy of $7K a year which totals $0.5B for Metro Vancouver.
The two groups of subsidies together total $2.0 B per year required to reduce rental costs for these low-income households to 30% of annual earnings.
For further information write
Housing units projected from Port Coquitlam statistics. (https://www.portcoquitlam.ca/wp-content/uploads/2016/12/Population-Growth-Fact-Sheet.pdf)
Income levels per Tri-City News
For Vancouver from:
For BC from:
For Canada from: