1. Presentation to the CHRA Congress Canadian Rental Housing Coalition

2. Who is the Rental Housing Coalition? BC Apartment Owners and Managers AssociationBC Apartment Owners and Managers Association BC Non-Profit Housing AssociationBC Non-Profit Housing Association Canadian Home Builders’ Association of BCCanadian Home Builders’ Association of BC Co-op Housing Federation of BCCo-op Housing Federation of BC Greater Vancouver Home Builders’ AssociationGreater Vancouver Home Builders’ Association Metro VancouverMetro Vancouver Real Estate Board of Greater VancouverReal Estate Board of Greater Vancouver TRAC Tenant Resource & Advisory CentreTRAC Tenant Resource & Advisory Centre Urban Development InstituteUrban Development Institute Vancity EnterprisesVancity Enterprises 2

3. The Problem Home ownership is out of reach for manyHome ownership is out of reach for many Rental is the alternative, but choices are limitedRental is the alternative, but choices are limited True “purpose-built” rental supply is shrinking with little new supplyTrue “purpose-built” rental supply is shrinking with little new supply Secondary rental market (basements, condo rentals) is good but has drawbacks.Secondary rental market (basements, condo rentals) is good but has drawbacks. 3 6,500 new rental housing units needed in Metro Vancouver each year; most needed for households with annual incomes under $45,000

4. 4 Many basement suites are well below ground Lack of natural light Limited fire escape, other code issues Can be prone to moisture issues Basement Suites

5. Without Affordable Rental Housing: It is difficult to maintain a viable workforce for the local economy, especially for small and medium sized businessesIt is difficult to maintain a viable workforce for the local economy, especially for small and medium sized businesses Low and modest income families have less money to pay for other essentialsLow and modest income families have less money to pay for other essentials An increasing population of seniors, especially those on limited incomes, need housingAn increasing population of seniors, especially those on limited incomes, need housing Young professionals leave townYoung professionals leave town 20 -30 year olds continue to live with mom and dad and defer adult responsibilities/families.20 -30 year olds continue to live with mom and dad and defer adult responsibilities/families. 5

6. Why Not More Purpose Built Rental Construction? Construction, permitting and land costsConstruction, permitting and land costs Unfavourable investment return compared to other options like strata developmentUnfavourable investment return compared to other options like strata development Public opposition to rental housingPublic opposition to rental housing Existing tenant opposition to redevelopment of existing rentalExisting tenant opposition to redevelopment of existing rental Public opposition to densityPublic opposition to density Loss of senior government programs for affordable rental housingLoss of senior government programs for affordable rental housing 6

7. Will this problem go away? Real incomes for families are decreasingReal incomes for families are decreasing Pensions and savings for seniors are under pressurePensions and savings for seniors are under pressure Rental demand will likely stay highRental demand will likely stay high “Purpose built” rental supply is not being built“Purpose built” rental supply is not being built A large portion of the existing rental stock is at the end of its life spanA large portion of the existing rental stock is at the end of its life span Rents continue to increaseRents continue to increase 7

8. “What about Rental Condos and Basement Suites?” Both are an important part of rental supply Both are an important part of rental supply Most cities are now recognizing/legalizing suites Most cities are now recognizing/legalizing suitesBut: Rental condos are expensive ($1.90-2.50 per sq. ft.) Rental condos are expensive ($1.90-2.50 per sq. ft.) Basement suites may be sub-standard or downright unsafe Basement suites may be sub-standard or downright unsafe Both rental condos and basement suites lack ‘security of tenure’Both rental condos and basement suites lack ‘security of tenure’ Particularly worrisome to families and seniorsParticularly worrisome to families and seniors 8

9. Rental Housing 33% 16% 23% 12% 15% 9 About 1/2 of total rental supply offers little security of tenure About 1/3 of total rental supply is in a shrinking pool.

10. A 9 Point Coalition Platform 1.Implement a National Economic Strategy that includes rental housing 2.Reinstate federal tax incentives to stimulate private market rental housing 3.Increase the viability of non-profit and co-op housing by continued direct capital investment and providing long-term low-cost financing 4.Increase the supply of federal, provincial and municipal land for affordable rental housing 10

11. 5.Modify property assessment practices that over-value rental properties relative to other forms of residential use 6.Review all provincial taxes, including property transfer tax, to ensure they do not impede delivery of rental housing 7. Encourage municipalities to adopt policies that support rental housing construction, for example increase density where appropriate, reduce or eliminate fees and charges, reduce regulatory requirements and streamline approvals 11

12. 8.Long term commitment from industry to support innovation in the design, financing and construction of affordable market rental housing 9.Long term commitment from the non-profit sector to work with the public and private sectors to develop and maintain adequate, safe, secure and affordable rental housing 12

13. A Coalition at a Crossroads There is strong demand in major urban centres and even smaller cities across Canada for more rental housing, and the Coalition is in demandThere is strong demand in major urban centres and even smaller cities across Canada for more rental housing, and the Coalition is in demand CHRA and numerous endorsements across CanadaCHRA and numerous endorsements across Canada Perhaps the most important changes in the Coalition platform lie at the Federal levelPerhaps the most important changes in the Coalition platform lie at the Federal level This is a true Canadian issue - a Coalition must represent the most stakeholders possibleThis is a true Canadian issue - a Coalition must represent the most stakeholders possibleSO… Wouldn’t it make sense for a National Coalition? 13

14. What are the Coalition’s next steps? Work should continue by the Coalition in BCWork should continue by the Coalition in BC There’s growing recognition that a national approach is neededThere’s growing recognition that a national approach is needed Many of the Coalition members have national organizations – can this be leveraged into a national coalition?Many of the Coalition members have national organizations – can this be leveraged into a national coalition? The Coalition has not met this year but will regroup shortly to examine the BC, and if possible, a national strategy.The Coalition has not met this year but will regroup shortly to examine the BC, and if possible, a national strategy. 14

15. Thank you Questions? Contact: margaret.eberle@metrovancouver.org