Could co-ops help make housing more affordable?

Good morning!

With all the balloons and UFOs, does anyone else feel like Vancouver is a little left out?

Luckily there are no UFOs in this newsletter, just a deep-dive on co-ops, a look at Vancouver’s earthquake preparedness and some events to check out this week.

Let’s get to it.

— Geoff Sharpe

WEATHER

Monday: 7 🌡️ -1 | 🌧️

Tuesday: 7 🌡️ -1 | ☀️

Wednesday: 6 🌡️ 2 | ☁️

HOUSING

Could co-ops help make housing more affordable?

What happened: A co-op subsidized for Atira employees, who work at SROs throughout Vancouver, illustrates a potential alternative strategy to create more affordable housing and combat Vancouver’s sky-high housing rates.

A look back: Co-op housing is not new and has existed for a while, but according to CBC, almost none have been built since the early 1990s. Most of the units were built in the 1970s and 80s with funding from the government. Why then? Because of, you guessed it, a housing crisis.

Up to half of the units were reserved for low-income people, with long-term mortgages, making it more affordable. According to the Co-operative Housing Federation of Canada, between 1973-1991, more than 61,000 co-ops were constructed.

• Government funds for co-ops eventually dried up in the 90s as social programs were cut, according to CBC. Right now there are only 92,000 co-op units across Canada.

Differences: The major difference between co-ops and market housing is you don’t pay rent or a mortgage, according to an interview with Co-operative Housing Federation of BC CEO Thom Armstrong, who spoke to Vancouver is Awesome.

• Rather, a person is an owner of the entire building. Rent tends to be much lower because there is no rental or sale profit. You purchase a share in the building and then that share cost is returned to you when you leave.

Rental prices differ dramatically between both housing types. In Vancouver in 2022, a one-bedroom co-op unit was $560 lower than a market rental building, and $900 less for a two-bedroom, according to the Vancouver Sun

Yes, but: Several challenges exist to co-op ownership, according to CBC. Older buildings require repairs, which can be expensive; you do not gain equity as the unit's value increases; and, the costs to build co-ops, just like other building types, are extremely expensive due to, land value and construction costs.

Progress: The federal government announced last April a $1.5-billion investment into co-op housing, which would build an additional 6,000 units nation wide.

• But according to Armstrong’s interview with CBC, all those 6,000 units could be built in B.C. and there would still be a massive housing shortage.

What’s next: Premier David Eby promised more types of housing as part of his housing plan, focusing on “right supply” which includes co-ops, according to an analysis by UBCM.

While not directly related to the expansion of co-op housing, the recent Rental Protection Fund announced in January would allocate $500 million towards non-profits to purchase housing units. Experts say this could make housing more affordable, according to the Vancouver Sun.

VANCOUVER NUMBERS

🛥️ 3: The number of fibreglass boats destroyed at the Granville Island Marina. Police have not provided any details about the cause. [CBC]

🏠 23.3%: The percentage of properties owned by investors in B.C. The province also has the highest rate of investor-owned condos by non-residents at seven percent. [Globe and Mail]

🌬️ 90 km/h: The potential wind speeds in Metro Vancouver today. The weather warning says damage to roofs could occur. [Vancouver Sun]

SAFETY

B.C. not earthquake-ready

What happened: After the devastating earthquakes in Turkey, experts are raising the alarm about B.C. and Vancouver’s preparedness for a similar seismic event, according to the Vancouver Sun.

Background: Vancouver and the west coast, down to Northern California, sits on the Cascadia subduction zone, where two tectonic plates are colliding. This process, where one plate slides over another, has the potential to produce massive earthquakes, theoretically up to a magnitude of 9.

• For reference, the earthquake that struck Syria and Turkey, which has so far killed at least 28,000 people, had a magnitude of 7.8.

Currently, we are within the 300-500 year time frame where another massive seismic event could occur. There is around a 30 percent chance of happening in the next half-century, according to The Guardian. For a deeper dive about the issue, visit Scientific America.

What it would look like: 10,000 people could die, 128,00 would be seriously injured, fires could cause around $10 billion in damages and water lines would be severed.

Preparation: Around 50 earthquake sensors are being installed across the province, according to Vancouver Is Awesome. A text-based alert will give up to 10 seconds advance notice of an earthquake, potentially reducing loss of life and injury.

• Use the B.C. earthquake preparedness guide to prepare your family and home for an earthquake.

Yes, but: As the recent flooding last year showed, B.C. appears to be wholly unprepared for such a catastrophic event. Experts also say our building codes are not enough to withstand a large quake, according to CTV.

• The New Yorker published one of the best deep-dives on the issue back in 2015. It’s a sobering but essential read.

NEW JOBS

Check out the new open positions in Vancouver

• Director of campaigns at Simon Fraser University

• Communications manager at BC Children’s Hospital Foundation

• Social impact operations lead at Lululemon

• General manager at Volaris Group

• Director of product management at Trulioo

THE AGENDA

🤡 In what is becoming an all-too-common story, Chinatown’s Dr. Sun Yat-Sen Garden was vandalized again. Unlike previous occurrences, the suspects wore clown masks. [CityNews]

⚖️ The Crown decided not to press charges against a Vancouver police officer who left a man with a broken jaw, cheek and orbital bone. [CTV]

🏢 A new 74-rental unit building has been proposed at the south end of Granville Street near Arthur Laing Bridge. [Ubranized]

🛗 After public outcry and protests, the elevator at the Portland Hotel in the Downtown Eastside was fixed after five months of not working. [Global]

🏗️ Vancouver, along with every other community in B.C., can access a one-time $1 billion fund from the $5.7 billion provincial government surplus for infrastructure projects. [CTV]

THINGS TO DO THIS WEEK

Lunarfest Vancouver, ongoing: It’s the last week of the Asian arts and culture festival, with many events remaining on each day. Schedule.

Vancouver Reggaeton Fest, Friday at 9 pm: If you love Latin music, you won’t want to miss this weekend event at the Enso Event Centre. Tickets $18.

Japanese Canadian Heritage Cooking Class, today at 6 pm: Learn how to make some popular Japanese dishes. Tickets $15-25.

Family Place Playtime at the West End Family Place, all week long: Free play, arts, crafts, singing and storytime for kids aged 0-5. $5 for an annual membership.

COMMUNITY HIGHLIGHTS

• Big Brothers of Greater Vancouver needs volunteers. Consider becoming a big brother today. [CTV]

• If you love Ukrainian food, check out our food editor Jamie’s recommendation in the West End.

• Congrats to Cam Levins, who beat Canada’s half marathon record at the Vancouver First Half, with a time of 60 minutes. [Running Mag]

• Here are the five cheapest homes in Vancouver in January. [Daily Hive]

• If you like going out but hate staying out late, there’s a new event series called Home By Midnight, all of which finish at 11 pm. [CBC]

• Have an event or announcement you want included? Hit reply and let us know.

GOOD NEWS MONDAY

While there’s not much good news out of Turkey and Syria, the federal government has announced it will match donations to the Canadian Red Cross to help those in need. You can donate here

TWEET OF THE DAY

It’s satire, but let’s be honest, a balloon would’ve worked better than the previous attempts at wifi on B.C. Ferries.

PHOTO OF THE DAY

Reddit user FYLegend captured this incredible shot of an orca breaching in Burrard Inlet.

GAME TIME

Congrats to everyone who guessed Friday’s Wordle answer. It was BRIDGE.

Today’s quiz - how many earthquake sensors are being installed in B.C.?