Sunday, 13 July 2014

Affordable or Just Cheaper or not even that?

Does higher density development produce affordable housing?

The rationale for approving Canora Mews and the other higher density projects that will flow from the RCS/OCP Amendments, is that they would provide "affordable housing".  However, they are market priced, which only means that they may be "cheaper", but not necessarily affordable to the local workforce.  In fact, they may not even be cheaper, read on . . .


9390 East Saanich Road
 This property, directly across the road from Canora Mews, is assessed at $424,000 and is situated on 1173 sq m (.3 ac).  Neighbouring properties are assessed at $341,100 to $458,200.
 


9395 East Saanich Road - Canora Mews
 This is the view from the front yard of 9390 East Saanich Road, Canora Mews.  Canora Mews is 40 small lot properties averaging 348 sq m. priced from $400,000 to $544,900.

Of the 40 Canora Mews properties, 34 of them are more expensive than the house across the road at 9390 East Saanich Road.  Is this the way to achieve workforce affordability?

It is likely that developments yet to be build will be even less affordable - pricing will again be at market with no details given.

Do we really want to see such major changes to our community for housing which barely addresses the problem for which it was proposed?

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