Co-living? Why some Vancouver home owners are trying co-ownership

Good morning,

Sometimes it’s nice to start the day with some good news. So I present you with a lovely thread of people sharing why Vancouver is such a great place to live. If you need something positive today, check it out.

Today we’ve got:

• A new way to purchase a home that’s gaining popularity 🏠

• The affects of the port strike 🚢

• Answers some reader questions about limit house purchases to a certain income level 💰

• And what’s going on in arts this week 🎨

Let’s get to it!

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WEATHER

Wednesday: 23 🌡️ 14 | ☁️

Thursday: 24 🌡️ 14 | 🌤️

Friday: 26 🌡️ 16 | 🌤️

HOUSING

Co-owning a home is the newest hot trend for people who can’t afford their own

Would you ever share a place with strangers to save money? Well, it’s more common than you think.

What happened: We know prices are high (we write about it here all the time!), but what’s less clear are solutions. Now, a new trend of people co-purchasing homes is gaining traction as a way for families to get into the housing market in Vancouver immediately, according to Global.

Background: Property prices have made it impossible for an average family to own a home in Vancouver, especially those with young families. With an average home price of $1.6 million, a family on an average income would need to save for 37 years and have an annual household income of $285,000 to be able to afford a down payment.

How it works: People pool their money to purchase a larger home that they would otherwise not be able to afford, paying for a single mortgage. Families meet up first to ensure they’d be a good fit. Sometimes homes are split in half, depending on the layout.

• Data shows co-living is increasing, with the percentage of three or more people in Metro Vancouver paying rent or mortgages together increasing from three percent in 2001 to eight percent in 2021, according to the Vancouver Sun.

Context: The price for a three-bedroom apartment rental in Vancouver now costs $4,745 according to liv.rent. To stay under the 30 percent home affordability index, an average household would need to make more than $180,000 a year. Before taxes, the average income in Vancouver is $96,423 according to the CMHC. Co-ownership is less a lifestyle choice and more an affordability choice.

The Lookout’s view: Fostering more connections between people, rather than atomizing everyone, is not a bad thing. Alternative forms of living should be welcomed. But in this case, the response is due to affordability, not a preference choice… As costs continue to rise, we should expect this trend to grow.

• Dig deeper: To read stories of some families who have done this, check out this deep dive by the Vancouver Sun.

VANCOUVER BY THE NUMBERS

🔥 0: The number of campfires you can have while camping. The province has announced a total campfire ban after an increase in wildfires. [Vancouver Sun]

📈 6.6%: Even with higher interest rates, home prices rose this much across Metro Vancouver from January to May, to a cost of $1.18 million. [Business in Vancouver]

LABOUR

Federal government asks for mediator recommendations to end strike

Vancouver and the province are now in the second week of the port strike. Here are the latest developments:

What happened: Federal labour minister Seamus O’Regan has asked a mediator to send written recommendations on deal terms to be sent to the union and employer, saying both sides are not far enough apart to justify a prolonged strike, according to CBC.

What it means: Each side will have 24 hours to agree or disagree to the terms, as the strike's impact begins to be felt across the country.

Last week an unidentified source provided the Globe and Mail with details about contract negotiations. One of the sticking points has to do with money set aside to compensate employees for the potential job losses associated with the mechanization of jobs. Both sides disagree on the timeframe for how much money should be allocated.

• The other problem: The expansion of the Delta Port is expected to reduce workers there by 50 percent because of automation, and could have spillovers throughout the industry.

The union has asked for an 11 percent wage increase, and then a six percent increase in year two, plus an inflation-adjustment signing bonus. Adjusting wages for inflation as part of union negotiations across Canada, including the recent federal worker negotiations with the government, according to the National Post.

• Workers rally: Hundreds of people rallied in Vancouver in support of striking port workers on the weekend, in a show of solidarity with striking workers, according to the Vancouver Sun.

International solidarity: Members of the International Longshore and Warehouse Union International at neighbouring U.S. ports are standing in solidarity with B.C. workers by refusing to unload Canadian-bound cargo that was initially bound for B.C. ports, according to CTV.

Delayed driving: It’s expected the strike will affect the delivery of cars and car parts from Asia, meaning fewer vehicles for sale on car lots, according to CBC.

What it all means: Reading between the lines, it’s fair to say workers are hugely concerned about the likely loss of jobs due to mechanization and are clearly committed to fighting it.

DREAM HOME

I thought we’d play a fun game today of “find the most expensive home in Vancouver.” Because who doesn’t like to see what rich people are up to?

A couple of caveats — I only used homes that had photos inside and the building had to be one lot, not multiple. The most expensive one that didn’t meet this criteria was a staggering $59 million. But if you can’t see photos, then what’s the point?

So without further ado, here’s Vancouver’s most expensive home. With a staggering 10,500 square feet of living space, this gated mansion has everything. And I literally mean everything — an indoor pool and spa, karaoke room, theatre, multiple patios five(!) fireplaces, seven bedrooms and 11 bathrooms.

At this price, you’ll need not to buy approximately 8,472,000 lattes to afford it…

THE AGENDA

🥵 There are no standards in place in Vancouver for existing buildings when it comes to air quality regulations. And that’s going to be a serious problem as wildfires only continue to increase. [Georgia Straight]

🛵 Micro-mobility vehicles are increasingly using bike lanes to get around, including e-bikes, scooters and skateboarders. The rise in other forms of mobility means city planners will need to account for more diverse transportation options when designing bike lanes. [Globe and Mail]

🏭 Vancouver has a lot of excess industrial space, with an industrial space availability rate of 2.4 percent in Q2 versus 1.9 percent in Q1. [Storeys]

⏱️ OneCity councillor Christine Boyle has submitted a motion calling on the Vancouver to expand the lifespan of temporary modular housing. These units are limited to 10 years, but she argues it’s too short and could cause a drop in housing options during the homelessness crisis. Currently, there are 750 units that expire between 2024 and 2028. [Urbanized]

✈️ Bad new travellers. Expect continued delays at YVR but this time don’t blame the airlines. NAV Canada is experiencing ongoing staffing issues, similar to problems facing other airline industries. Currently, 400 people are in training to be air traffic controllers, which takes around 12-27 months to complete. [CTV]

🚿 Longer home showers are bad showers in drought conditions. The B.C. government is calling on residents to shorten showers in response to worsening drought conditions across the province. [CTV]

🏥 Dr. Jyothi Jayaraman is calling on the government to end the Catholic health organization Providence Health’s policy allowing them to opt out of MAID. She says she’s witnessed 12 instances where patients were forced to transfer to a different hospital, with many patients suffering in their final hours. [Vancouver Sun]

🌳 Stanley Park is getting an updated fire mitigation plan. The last one was in 2009, and it’s really needed given how bad the fire situation is. [Global News]

ARTS

Theatre

Bard on the Beach’s adaptation of Henry V is elevated by “simple props and nuanced performances ”so be sure to check it out before Aug. 13. [Stir]

Colour is centre stage at Dancing on the Edge with fest opener Barocco Rave, which had a playful and fun feel. The festival continues until July 15. [Stir]

Music

Come experience two classic movies — Ratatouille and Jurassic Park — while the VSO plays the music with a full orchestra. An experience not to be missed, with Ratatouille next week Tuesday and Wednesday, and Jurassic Park Friday and Saturday.

Movies

Cinema fans will want to check out Rio’s Bastille Day!, a celebration of French cinema featuring Godard’s Pierrot Le Fou, and two other classics on Friday at the Rio Theatre.

It’s the 55th anniversary of 2001 A Space Odyssey and what better way to see it than on the big screen, this Saturday at 2:15 pm at the Rio Theatre.

VIFF continues its 80s celebration with films like Scarface, Raiders of the Lost Ark and The King of Comedy.

Art

Ianian-born Parviz Tanavoll’s sculpture and printmaking are on display at the Vancouver Art Gallery, and is described as “the only Iranian artist to fully capture the duality and interplay of Iran’s pre-Islam and Islamic cultural identities.”

Downtown office building Arthur Erickson Place will feature a new public art exhibit, with humanoid figures made out of bronze cast layers of stone. [Vancouver is Awesome]

VIDEO OF THE DAY

Anyone who loves trains (myself included) will love this video deep dive into the Broadway Skytrain construction.

COMMUNITY HIGHLIGHTS

• A sign at Central Valley Greenway is drawing attention to the dangerous crossing area for cyclists. [Global]

• Congrats to Canucks player Vasily Podkolzin and his wife Sasha on their first baby. [Daily Hive]

• Did you know boas live in Vancouver? [Vancouver is Awesome]

• Benches at English Bay have disappeared, but it’s only temporary, and they could be back by July 31.

• Be sure to check the sky tonight, because you could see the northern lights. [CTV]

SURVEY

On Monday we asked readers, “do you think Vancouver should limit house purchases to a certain income level, such as not allowing rich people to buy second homes?”

• 50 percent agreed with the statement

• 29 percent opposed it because it would have unforeseen consequences

• 21 percent were unsure

Here’s what a few people had to say:

“Housing affordability has always been an issue in this city. This is not a ‘new concern’ for residents in Vancouver. Secondly, we should be addressing the ‘empty homes’ which are abundant. If people want to maintain their empty homes, then the government should consider higher taxation on these properties.”

Lookout’s thoughts: Both the province and the city have brought in these policies to address just this. According to Urbanized, 49 percent of vacant homes in 2020 were converted into occupied homes during 2021. But the tax could certainly be higher!

“Why is the answer always punish the wealthy? Instead we should point the finger at our system that has already allowed so many international buyers which has affected the housing prices to increase. In Thailand international buyers can only buy condos making single family houses affordable for Thai citizens. That's how you take care of your people, which allows them to build wealth and live a good life in their own country.”

Lookout’s thoughts: The federal government has already brought in a policy like this. Currently, commercial enterprises and individuals outside Canada cannot buy residential property for the next two years as of January. This was scaled back slightly to allow anyone with a work permit to purchase property, according to CTV.

• Certainly, it’s good policy to reserve homes for Canadians. But CMHC says only 4.8 percent of all residential properties in Vancouver were owned by foreigners. While every little action can help, lack of supply and heightened demand are the main drivers of price

GAME TIME

Congrats to David and Liz who both correctly guessed Yew is the location of the pedestrian-only street.

We’re featuring another SkyTrain station for VancouverGuesser. Do you know where it is? Reply with the correct answer and your name to be featured in Friday’s newsletter.