My last blog post was just a moan about the current housing situation and I wanted to get it off my chest by sharing my thoughts with the public, which is very juvenile, but the situation and emotions behind it are very real. I have also made my federal political stance known which is something that I have never done before. However I feel that I have lost my core reasoning behind this blog, and that was to help educate the average Joe (like myself) on understanding certain terms and concepts that the City Council likes to throw around to hypnotize the general public while pulling the wool over our very eyes. I feel compelled to make it up to you, so let’s talk the basics on Market Housing and Non-Market Housing…
These are housing units that are placed on the general housing market that anyone can choose to buy into. Got it? Good!
And now we step into the gray zone: Non-Market Housing. The common denominator with all types of Non-Market housing is that it kind of is a powerful negotiating tool that the developer has in their back pocket to acquire additional funding from the government. Sounds kind of shady, right? For example, a 50 Storey Market Condo might not sound sexy to the city however a 50 Storey Market Condo with 10 floors of non-market housing might just have the city council think differently about the proposal. Non-Market housing can also take on different funding structures as well; confused yet? Well here are some examples of non-market housing according to the City of Vancouver Website:
What defines these kinds of housing as non-market is that there is some sort of subsidy provided by the government to aid the demographic it is targeting in order to accommodate them. Shelters and modular (temporary or permanent) housing are classified differently according to the City of Vancouver’s website. And I am a little confused over whether or not social housing is included in this broad definition so I am not going to go over that today.
I have written all of this to point out to you, the Average Working Joe, that non-market may actually be our friend as most of Vancouver (those who make between $25k and $80k) may actually be able to afford something that is subsidized. I have no idea how this isn’t considered market housing as the demographic that the market housing is selling to is elusive to me, in comparison to what most people make. Most people in Vancouver make under 100k and the government shouldn’t have to subsidize housing for their workforce. But I digress.
My call to action here is to just be aware of what it truly means when developers state that most of their housing is Market Strata or if they offer non-market housing choices. Next blog will be on how to apply for non-market housing as that seems to require further research.