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How to Survive the Vancouver Real Estate Bubble

Lesson created by Eddie Yan using

Video from Dave Jenkins YouTube Channel

Let’s Begin…

Vancouver is a populated space that is recently in the middle of a time in which the housing options are spiralling out of control. This spot is a hub for all kinds of people that are looking to make a life for themselves, but a big problem is that there simply isn't enough housing. 
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The government is now calling this a “housing crisis” and large steps are looking to being taken so that something can be done about the problems that are coming up as a result of it. Vancouver realtor, Dave Jenkins says the price range is just too out there for the average person. This is similar to what it did back in 2012 when they were in a situation that was similar, but not as bad. Residents spoke out about the fact that homes needed to be more affordable, or there needed to be more homeless shelters built, etc. This conversation worked well, but the results were not all that great. In fact, now everything is much worse than what it was back in 2012.

Now Burnaby officials are saying that it's time to start looking at what solutions can be found to this problem. They are calling on people to speak their minds on possible ideas and there are several ones that are coming forward already from those that want to see changes made.

The first idea is that the larger homes that are being lived in my single families can be split up into multiple apartments so that more homes are built and put together without having to worry about the extra space they would take up. Essentially, they would take the space that is already there and make it an option for more people that are searching for homes. These makeshift apartment buildings would make living more affordable for a lot of people, too.

Another idea that has been put forward is to try and make more homes family friendly. The ones that are on the market tend to be too small for families of 4 or 5 people. These families are being forced to look at the more expensive options, usually out of their range, in order to make up for it. This leads to no one benefiting from it at all. By making homes more affordable to bigger families, the housing market will settle down and people will be able to find places to live.

Vancouver is in such a bad place right now that they're taking ideas for anyone who can offer them, including those around the world who would like to weigh in with an opinion on the topic. There are all sorts of conferences set up and those around the world who have put up with similar situations before are looking to chip in and help out however they can with ideas and suggestions.

There's no telling if this is going to work in Vancouver's favour, especially considering the fact that they had a similar conversation before, only to end up in the crisis situation they are in now, but the government officials are optimistic. Plus, the general public are happy that the officials are now taking into consideration everyone's opinions and ideas on how to fix the crisis.

Time will tell, and Vancouver residents and Vancouvercurrently living on the streets due to overpopulated homeless shelters are now waiting hopefully for a change for the better in the not too distant future.

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