DISTRICT OF SQUAMISH REPORT TO: Council FOR: Regular

PRESENTED: February 27th, 2007 FILE: 6410 – Affordable Housing FROM: Planning Department S UBJECT: Affordable Housing Policy – Backgrounder No. 1 – presentation to Council Recommendation:

That Council receive Backgrounder 1 of the Squamish Affordable Housing Policy assignment for information

1. Background:

In October of 2006, Council awarded the contract for the development of an Affordable Housing Policy to CitySpaces Consulting. The proposal for services that was accepted by District Council includes a number of briefings with Council associated with project phases. Project Phase 1 consisted of project start-up, primarily work with Staff and an initial meeting with the Affordable Housing Task Force. Project Phase 2 included the following:

• Review of populations and housing projections • A housing needs assessment for Squamish • A residential capacity assessment

With the demographic and assessment work completed, and prior to consultation with the Development community, review of material to-date, and affirmation of policy work with Council is appropriate.

4. Backgrounder No.1: The presentation to Council is intended to present the results of Phase 2 of the policy

assignment, and give Council an opportunity to ask questions and have discussion on findings to date.

Following the presentation to Council, Phase 3 of the policy assignment will include:

• briefing papers on strategic policy directions, • consultation with the development community • feasibility analysis of proposed policy options • development of a policy tool-basket for Squamish.

Ongoing consultation with the Affordable Housing Task force will also occur. AH Policy presentation – Backgrounder No.1 Feb.27-2007 1

AH Policy presentation – Backgrounder No.1 Feb.27-2007 2

Strategic Session Agenda: February 27, 2007 10:00 – 10:05 Introduction of consultant (Noha Sedky) and presentation 10:05 – 10:25 Presentation of Backgrounder No. 1 10:25 – 10:50 Questions and Discussion 10:50 – 11:00 Summary and next steps.

__________________________________________ Sabina FooFat Planner Attachment A: Backgrounder No. 1 – Squamish Affordable Housing Policy prepared by

Cityspaces Consulting.

Backgrounder #1Squamish Affordable Housing Policy

J a n u a r y , 2 0 0 7

BACKGROUNDER #1 — SQUAMISH AFFORDABLE HOUSING POLICY

TABLE OF CONTENTS Highlights................................................................................................ i

1.0 Context...........................................................................................1 2.0 Approach and Data Sources...................................................................2

2.1 Data Sources and Limitations .........................................................2 3.0 Population Factors .............................................................................3 4.0 Housing Factors .................................................................................4

4.1 Housing Starts ...........................................................................4 4.2 Housing Prices ...........................................................................4 4.3 Housing Sales ............................................................................6 4.4 Rental Rates .............................................................................6

5.0 Income Factors..................................................................................7 5.1 Median Incomes .........................................................................7 5.2 Distribution of Incomes ................................................................8

6.0 Relationship between House Costs and Income...........................................8 6.1 Maximum Affordable Monthly Spending on Housing ..............................8 6.2 Ability to Afford Home Ownership ...................................................9

7.0 Household Projections by Type and Income ............................................. 10 8.0 Assessment of Residential Capacity ....................................................... 11 9.0 Proposed Development ...................................................................... 12 Data Sources and References ...................................................................... 14

BACKGROUNDER #1 — SQUAMISH AFFORDABLE HOUSING POLICY SUMMARY HIGHLIGHTS The District of Squamish’s Affordable Housing Policy will focus primarily on low and moderate income households, defined as households with incomes of 80% or less than the median income.

• In 2006, the consultants estimate that there were roughly 800 couple families, 200 single parent families, and 600 individuals with low or only moderate incomes.

• Ten years from now, the consultants estimate there could be approximately 1,100 couple families, 300 single parent families and 900 individuals who have low or only moderate incomes. (Refer to Table 7.1 for projected estimates)

• In 25 years, the population of Squamish is forecast to double to 33,000 from 17,000 in 2006. It is likely that the number of households with low and moderate incomes will increase in proportion as population growth occurs.

The ability to afford adequate and appropriate housing describes the relationship between income and housing prices/rents.

• In 2006, the average selling price of a single detached home was $402,800, which required an annual household income of $107,000 with a 10% down payment. Similarly, a household would need an $85,000 income to buy a townhouse of $321,900 and $71,000 to buy an apartment of $267,100. (Refer to Table 6.2)

There is clear evidence that low to moderate income households have little choice in the homeownership market.

• Looking at the relationship of income to housing costs for low and moderate income households, the consultants calculate that a couple family with 80% of median income could afford to purchase a home of $212,000. In 2005 and 2006, only one detached home and 24 townhouses sold below $220,000. (Refer to Tables 4.3 and 6.3)

• At 80% of the median income, a single parent family could only afford a purchase price of $89,000 and a single person could afford $79,000. These households have no purchasing power in the market and will likely be renting their accommodation.

In 2005, the District of Squamish adopted a 10-point Affordable Housing Strategy. Since then:

• The average selling price of all types of housing has continued to increase.

• The rental market has changed very little and remains relatively affordable for many households in Squamish. There continues to be concern regarding the quality and age of some of rental premises.

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• In the homeownership market, the only product that remains relatively affordable for low and moderate income households is the older stock in the resale market, particularly mobile homes and apartments. Of the 5,726 proposed residential developments, there is very little product that would meet the needs of low and moderate income households.

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BACKGROUNDER #1 — SQUAMISH AFFORDABLE HOUSING POLICY

1.0 CONTEXT In October 2005, Squamish Council adopted a 10-point Affordable Housing Strategy1 that sets a framework for addressing the housing needs of Squamish residents, including:

• Young families — As house prices continue to rise, fewer young households are able to purchase a home.

• Seniors — There are limited ownership options for Squamish seniors who want to downsize from a home into an apartment condominium or townhouse as well as limited rental options

• Lower income households — Security of tenure, quality of housing, and limited supply of non-market rental housing are issues for lower income households.

• Homeless individuals — There is small population of homeless individuals in Squamish for whom shelter and support services are being sought by local community groups.

Since 2005, the District has been implementing certain aspects of the Strategy, including:

• Establishing an ongoing Affordable Housing Task Force (March 2006) to review and advise on housing matters;

• Amending the zoning bylaw to permit secondary suites above detached garages as a means to increase the potential for secondary suite development in the flood plain (May 2006); and

• Establishing a Housing Reserve Fund (September 2006).

The District has continued to see a large number of development applications and the issue of affordable housing remains a priority for Council and the community. In December 2006, the District engaged CitySpaces Consulting and Coriolis Consulting to develop details related to the implementation of certain key aspects of the Strategy. Their work, in collaboration with the Task Force, includes:

• To confirm an affordable housing2 vision and policies;

• To develop detailed standards, requirements, and parameters within which affordable housing is to be provided;

1 CitySpaces Consulting Ltd. for the District of Squamish. Squamish Affordable Housing Strategy. September 2005. 23 pages plus appendices.

2 “Affordable Housing” is rental or ownership housing which has a market price that would be affordable to households of low and moderate incomes. Low and moderate income households are defined as those with incomes that are 80% or less than the median income.

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• To ensure affordable housing policies and standards are viable and supported by the development industry through consultation and engagement with the community;

• To examine financial tools to ensure policy is affordable and to maintain fair and consistent guidelines with readily available information;

• To take into account the potential loss of existing affordable housing, such as manufactured homes or secondary suites; and

• To investigate the implications of creating a housing corporation.

This document is the first of two backgrounders prepared by the consulting team to aid and advance the discussion about affordable housing policy. This backgrounder focuses on key indicators of housing need, demand, and affordability. The second backgrounder will highlight housing policy options being used in Canada and the U.S., as well as models of housing corporations.

2.0 APPROACH AND DATA SOURCES Through a review of background materials the consultants will consider the current housing supply and demand context, and the implications on housing affordability. From this, the potential demand for affordable housing need and the extent to which the District can accommodate future affordable housing demand given the potential residential capacity can be estimated.

The following tasks have been completed, in addition to consultation with staff, to gain an up-to-date understanding of the development context:

• Review of population and housing projections for Squamish — A consideration of housing demand studies to set the backdrop for the identification of affordable housing need.

• Assessment of housing need — Based on the strategy’s definition of affordable housing need, an assessment of existing levels of affordable housing demand and description of future scenarios of need.

• Residential capacity assessment — A review of the number and type of projects in the development pipeline, policies and demand for second home/recreational development, quality of existing housing stock, and regional drivers of change.

2.1 Data Sources and Limitations There has been a significant amount of research and analysis completed on, and for, the District of Squamish that references housing demand trends and projections, the state of housing markets, and land development and residential capacity. Primary documents and references include:

• CitySpaces and Urban Futures. 2006 The Implications of 2010 Olympics on Housing Markets in the Lower Mainland and Sea-to-Sky Corridor. CMHC.

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• Squamish-Lillooet Regional District. 2005 Base Case Report – Regional Growth Strategy. (Including Residential Land Supply Analysis)

• The Sheltair Group. 2005. Population Profile and Projection for the District of Squamish, 2001-2031.

• Urbanics Consultants. 2005. Growth Management Strategy. Prepared for the District of Squamish.

The relationship between housing prices/rents and incomes is central to the understanding of housing affordability. However, there is no reliable, up-to-date, and consistent data source that includes both income and housing variables. In this review, multiple data sources are used to provide an up-to-date profile of housing and income data in Squamish.

3.0 POPULATION FACTORS The make-up of resident households has a direct impact on the extent of housing demand, and, in turn, the need for affordable housing.

• In the past five years, the population of Squamish has grown rapidly, and this pace is expected to continue over the next 30 years. At the time the Strategy was undertaken in 2005, the population was 15,400; a year later, it was estimated at 16,800. Since 2001, the annual average growth rate was 3.3%.

• The population is projected to grow at a faster rate in the years leading up to the 2010 Olympics, reaching 20,250 by 2011, and 26,069 by 2016. By 2031, the population is anticipated to have doubled to approximately 33,000 people.

• While Squamish is projected to have a younger population than the provincial average, the proportion of seniors over 65 years is projected to increase to 15% by 2031 compared to 7% in 2006. By contrast, the younger age groups are anticipated to decline.

Table 3.1: Population Projections by Five-Year Age Groups

Population by Age 2006 2011 2021 2031

Total 16,795 20,250 26,069 33,148

0-14 2,908 17.3% 2,994 14.8% 3,612 13.9% 5,075 15.3%

15-24 2,389 14.2% 3,251 16.1% 3,373 12.9% 3,645 11.0%

25-44 6,100 36.3% 6,793 33.5% 9,051 34.7% 11,783 35.5%

45-64 4,234 25.2% 5,527 27.3% 6,927 26.6% 7,607 22.9%

65+ 1,163 6.9% 1,684 8.3% 3,106 11.9% 5,038 15.2%

Source: Sheltair Group, Growth Management Strategy, 2005

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4.0 HOUSING FACTORS The Squamish real estate market has experienced a significant upturn in activity, which parallels the increase in sales activity and house prices in Greater Vancouver.

4.1 Housing Starts The majority of housing starts continue to be in townhouses and condominiums — 215 units in multi-family compared to 13 single detached houses in 2005. Housing starts have increased by 609% from 2001 to 2005, with the majority (86%) of the growth in the construction of multi-family units.

Figure 4.1: Housing Starts by Type, Squamish

Source: CMHC, Housing Now * 2006 data is January - September

4.2 Housing Prices While house prices in Squamish remain much more accessible than those in Whistler or Vancouver, they have climbed considerably since 2001.

• Average prices for detached homes rose by 88% between 2001 and 2006, attached units increased by 147%, and apartment condominiums by 120%.

• With the recent surge of townhouse and apartment condominium development, Squamish offers a diverse product choice and an influx of new dwellings that appeals to the entry level and lifestyle buyers from throughout the region. While Squamish residents continue to be the predominant buyer group, new developments continue to anticipate demand from Lower Mainland and Whistler buyers.

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Figure 4.2: Average Housing Prices, 1994-2006

Source: Greater Vancouver Real Estate Board, Note: MLS listings primarily include resale prices, although a small proportion of new units are also listed.

• Based on a scan of MLS listings in early January 2007, mobile homes were the most accessible, ranging in a per square foot (psf) price from $34 to $58 (pad rentals not considered).

• List prices for detached houses ranged from $134 to $391 psf with the median list price of $236 psf ($591,000). The median list price for townhouses was similar, and the median list price for condominium apartments was considerably higher at $323 psf ($328,400).

• Prices range considerably by neighbourhood with more affordable detached homes found in Garibaldi Highlands and Brackendale, with average listings of approximately $200 and $243 psf. Northyards and Downtown had higher average listings of approximately $313 and $321 respectively.

• Referring to Table 4.3, resale prices in 2005 and 2006 for apartment units fell mainly in the $100,000 to $179,000 range, while the majority (62%) of attached resale prices fell into the $220,000 to $299,000 range. Resale prices of detached units were primarily $340,000 and up, with only 4% of resale units falling below $300,000.

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Table 4.3: Resale Prices by Type, 2005 and 2006

Price Segment Apartment Townhouse Detached $100,000 to $139,000 27 0 0

$140,000 to $179,000 23 5 0

$180,000 to $219,000 18 19 1

$220,000 to $259,000 14 67 8

$260,000 to $299,000 7 93 11

$300,000 to $339,000 2 38 85

$340,000 and up 1 35 349

Total 92 257 454 Source: Greater Vancouver Real Estate Board

4.3 Housing Sales The number of units sold has continued to rise since 2000, with the majority of sales of single detached units. Sales of apartment units have experienced the most growth, with a rise of 275% over the 2005 sales figures.

Figure 4.4: Number of Units Sold by type, Squamish, 1994-2006

Source: Greater Vancouver Real Estate Board

4.4 Rental Rates Rental rates differ considerably based on location and the quality of the suite. Canada Mortgage and Housing Corporation (CMHC) surveys and report on purpose-built rental

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buildings of three or more units for Squamish. The data gathered through semi-annual process is useful to track, but does not capture data on the secondary rental market.

• CMHC’s vacancy rate dropped to 4.6% in 2006 from 7.5% in 2005 for apartments and 12.1% in 2004.

• From an annual scan of rental listings in The Chief classifieds, average rents in Squamish ranged from $674 for a 1-bedroom suite to $1,382 for a 3-bedroom in January 2007. Between 2003 and 2006, rent prices appear to have fluctuated slightly but the number of listings is too few to demonstrate a significant increase in rents.

• While the January 2007 rents appear to be somewhat higher, this may simply be attributable to the small number of listings and the additional rental demand in the wintertime created by Whistler’s seasonal workforce.

Table 4.5: Scan of Rental Listings (2003-2007)

Unit Type 2003 2004 2005 2006 2007

1 Bedroom $650 $713 $629 $698 $674

2 Bedroom $886 $861 $821 $871 $1,183

3 + Bedroom $1,124 $1,125 $1,086 $1,205 $1,382

Source: The Chief, Rental Classified Listings – listings for 2003 -2006 derived from May/June listings, 2007 listings from January

5.0 INCOME FACTORS The ability to purchase or rent a house is directly related to household income. Income data sources, however, are often limited and not directly comparable to housing data sets. The following income data is based on family taxfiler data tables produced by Statistics Canada, a recent and reliable data source.

5.1 Median Incomes • Drawing on the data in Table 5.1, in 2006, the median family income for

families (with or without children) was $62,899 and $26,217 for non-family individuals (persons living alone or living with another person who is not a member of his/her family). Couple families had higher incomes than the various household groups, offering them greater choice in the housing market, while single parents and individuals not living with other family members had much less income and relatively less choice in housing.

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Table 5.1: Median Incomes by Family Type, 2006

Household Type Number of Households

Median Income

All Families 2,622 $62,899

Couple Families 2,102 $70,193

Lone Parent Families 520 $29,705

Non Family Persons 1,383 $26,217

Total Households 4,005 --

Source: Small Area and Administrative Data – Family Files, Statistics Canada (Based on Taxfiler Data), Adjusted based on The Sheltair Group’s population projections.

5.2 Distribution of Incomes • The following table illustrates which household types will have greater choice

in the housing market — 41% of couple families make $75,000 or more, compared to just 10% of lone parent families, and 6% of individuals. Overall, 54% of households earned less than $50,000 in 2006.

Table 5.2: Income Distribution by Household Type, 2006

Income Groups

Couple Families

Lone Parent Families

Non-Family Households

Total Households

<$25K 11% 45% 50% 29%

$25K - $50K 21% 34% 30% 26%

$50K - $75K 27% 11% 14% 21%

$75K - $100K 20% 6% 4% 13%

$100K+ 21% 4% 2% 12%

Total 100% 100% 100% 100% Source: Small Area and Administrative Data — Family Files, Statistics Canada (Based on Taxfiler Data)

6.0 RELATIONSHIP BETWEEN HOUSE COSTS AND INCOME The relationship between housing prices/rents and incomes is one measure to describe housing affordability. Housing analysts use this relational measure for establishing what constitutes housing that is affordable in a particular city/town for various households types. The next section of analysis is based on taxfiler-reported income data from 2004 that has been adjusted to 2006 using Labour Force Survey’s average weekly wage rates.

6.1 Maximum Affordable Monthly Spending on Housing Table 6.1 shows the maximum affordable monthly housing cost for households earning 80% of median income and spending no more than 30% of their net income on housing.

• Couple families would have considerable choice in the rental market and could afford to rent a dwelling at $1,404. Single parents and single individuals, have few options available — $594 and $524 respectively. Their income would limit

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their choices to smaller units for which they would likely be spending more than 30% of their income on rent. In addition to low rental vacancy rates, it is reported that many of the lower-priced rental units in Squamish have a lesser quality finish and many of the below-grade suites have problems related to mold and dampness.

Table 6.1: Maximum Affordable Housing Cost by Household Type

Household Types 2006 Median

Income (Estimate)

80% of Median Income

Maximum Affordable Monthly Payment on Housing

@30% of Income

All Families $62,899 $50,319 $1,258

Couple Families $70,193 $56,154 $1,404

Lone-parent Family $29,705 $23,764 $594

Non-Family Persons $26,217 $20,973 $524 Source: Statistics Canada, Taxfiler Data, Adjusted using Labour Force Survey Average Weekly Earnings

6.2 Ability to Afford Home Ownership One way to describe homeownership options for Squamish residents is to consider the minimum income levels required to purchase houses relative to average prices today. Drawing from Table 6.2, the household income needed to purchase the average-priced single detached home in Squamish with a 10% down payment surpasses $100,000, $85,000 for an attached unit, and $70,000 for an apartment.

Table 6.2: Income Levels Required for Homeownership, 2006

Dwelling Types Average Prices (2006)

Loan Price Monthly Payment

Household Income

Single Detached - 10% Down $402,800 $369,770 $2,665 $106,604

Single Detached - 25% Down $402,800 $302,100 $2,208 $88,324

Townhouse - 10% Down $321,900 $295,504 $2,130 $85,193

Townhouse - 25% Down $321,900 $241,425 $1,765 $70,584

Apartment - 10% Down $267,100 $245,198 $1,767 $70,690

Apartment - 25% Down $267,100 $200,325 $1,464 $58,568 Source: Greater Vancouver Real Estate Board, CitySpaces Calculations

The following is a description of the methodology used by the consultants for “maximum purchase price” calculations by household type, along with commentary on the outcomes.

• Using a three-year fixed mortgage term at 6.4% posted interest rate, the maximum purchase price for a household – with either a 10% or 25% down payment – is presented in Table 6.3. Note: these are general calculations only with possible variations in terms of the financing assumptions; individual

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circumstances may also vary, affecting the Gross Debt Servicing (GDS) ratio and maximum purchase price.

• Drawing from data in Table 6.3, couple families have the most choice in the home-ownership market in Squamish. With median income estimates for couple families at around $70,000, those households among them earning 80% of median income would be in a position to purchase an apartment, townhouse or duplex, or single detached home. However, given the limited number of single detached listings within an accessible price segment, couple family households in this income group would have a much greater possibility in purchasing a townhouse, duplex unit, or an apartment.

• Single parents earning 80% of the median income would be able to purchase a home priced at between $89,000 and $108,000 depending on their down payment (and other GDS considerations). In the past two years, there were 27 apartment units listed in the MLS that matched that price point.

• Single person households earning 80% of the median income would be essentially priced out of the home-ownership market, since no units were listed in 2005 and 2006 that were within their purchase price threshold.

Table 6.3: Maximum Purchase Price by Household Type, 2006

Household Types

80% of Median Income

Maximum Purchase Price

10% Down

Maximum Purchase Price

25% Down

All Families $50,319 $190,000 $229,000

Couple Families $56,154 $212,000 $256,000

Lone Parent families $23,764 $89,000 $108,000

Non-Family Persons $20,973 $79,000 $95,000

Source: Statistics Canada, Taxfiler Data, Adjusted using Labour Force Survey Average Weekly Earnings, CitySpaces Calculations

7.0 HOUSEHOLD PROJECTIONS BY TYPE AND INCOME Using the foregoing data related to population, housing costs, and incomes, the consultants have estimated the number of households in Squamish that meet the low and moderate income household definition and for whom affordable housing policies are targeted. The projections for these households are presented by three types: couple families with or without children at home, lone-parent families, and non-family persons. The breakdown by household type is significant for two reasons:

• Provides a relative indication of the numbers by type; and, importantly;

• The mix of household types reflects a policy consideration in the mix of housing types and sizes available and attainable to low and moderate income households, i.e. ground-oriented versus apartment, suburban lifestyle versus downtown living.

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As the following table reveals:

• In 2004, between 1,300 and 1,600 households had incomes less than 80% of the median income. Assuming the proportion of households earning 80% of median income or less remains constant, the number of households within this category will increase as well. By 2006, the number of households increased to a range between 1,438 and 1,825, representing between 22% and 28% of total households in Squamish. As the population continues to grow, all factors remaining equal, the number of low and moderate income households would also continue to increase, reaching between 3,023 to 3,836 households by 2031.

• Ten years from now, there could be roughly 1,100 couple families, 300 lone-parent families and 900 individuals whose incomes are 80% or less than Squamish’s median for their household type.

Table 7.1: Projected Number of Low and Moderate Income Households

2004 2006 2011 2016 2021 2026 2031

Couple Families 600—800 664—896 795—1072 927—1251 1078 — 1456 1232—1663 1395—1883

Lone Parent Families 180—210 199—232 238—278 278—324 323 — 377 370—431 419—488

Non-Family (Individual) 520—630 575—697 689—834 803—973 934 — 1132 1068—1132 1209—1464

Total 1300—1600 1438—1825 1721 — 2185 2008—2549 2337—2966 2669—3387 3023—3836

* Households earning 80% less than median income

8.0 ASSESSMENT OF RESIDENTIAL CAPACITY In 2006, there were 6,636 dwelling units in Squamish - 58% as single-detached, 27% in townhouses and duplexes, and 15% in apartments. While demand for housing in Squamish will continue to be dominated by single detached dwellings, the proportion of detached units is projected to decline and the demand for townhouses, duplexes and apartments is anticipated to increase.

Housing demand is projected to grow at a faster rate than population with an annual rate of 3.0% increase in dwellings between 2001 and 2031 compared to 2.8% annual increase in population over the thirty-year period.

Table 8.1: Projected Demand Total Dwellings By Type (2006 – 2031)

Total Dwellings 2006 2011 2021 2031

Total 6,636 7,943 10,782 13,947

Single detached 3,827 58% 4,415 56% 5,768 53% 7,430 53%

Other ground-oriented 1,794 27% 2,186 28% 3,000 28% 3,991 29%

Apartment 1,015 15% 1,342 17% 2,014 19% 2,527 18%

Source: Sheltair Group, Growth Management Strategy, 2005 Note that no direct analysis has been conducted on demand for second homeownership or recreational property.

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Table 8.2: Total Dwellings By Housing Tenure (2006 — 2031)

Total Dwellings 2006 2011 2021 2031

Total 6,636 7,943 10,782 13,947

Owned 4,896 74% 5,913 74% 8,159 76% 10,700 77%

Rented 1,740 26% 2,030 26% 2,623 24% 3,247 23%

Source: Estimates based on Urban Futures and Sheltair Group Projections

For every three owner-occupied dwellings, there was one renter-occupied dwelling in 2006. By 2031, the proportion of dwellings that are owner-occupied is projected to increase to 77% from 74% in 2006 while the share of renting households is anticipated to decline to 23% from 26%.

Within the rental stock, there is a limited number of non-market housing units in Squamish. In total, there are 170 non-market housing units, 46% low-income family units, 41% dedicated for seniors, and another 12% for special needs. A new seniors housing development is currently under application, which will introduce an additional 20 units of non-market assisted living rental units for seniors. The project will also include 55 units of privately-operated independent and supportive living units for seniors, that are available at market rents.

9.0 PROPOSED DEVELOPMENT As of January 2007, a total of 42 residential development applications3 were under review or at various stages of the approval process. Information on the total number of planned housing units and the mix of housing is available for most of these projects. In total, these projects could bring a minimum of 5,726 new housing units to the market over the long term.

Table 5.3: Proposed Residential Developments

Proposed Residential Development

Single Family Lots/ Units

Multifamily Units Total

Minimum Number of Units (estimate)

2,009 3,717+ 5,726+

Number of Applications 19 254 42

Average number of units per application

106 149 136

• Based on the consultants’ review of pricing at new residential projects currently marketing in Squamish, it is likely that none of the planned housing will be affordable to Squamish single parents or single person households earning 80% of the Squamish median income.

3 Excluding projects with 2 units or less. 4 Two projects include single family and multifamily units.

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• For couple family households (with or without children) earning 80% of the median income, none of the new single detached housing or new townhouse product will be affordable. Assuming a sales price of about $300 per sq.ft. (for woodframe apartments), families and couples earning 80% of the Squamish median income will be able to afford a new apartment unit in the range of about 600 sq.ft. to 700 sq.ft. Some of the planned new apartment units will likely be in this size range and may be affordable to couples and families (assuming the unit size is adequate). However, many apartment units will have higher prices and will not be affordable as unit sizes will be larger, projects will be located on the waterfront or projects will be constructed using concrete and steel (not wood).

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DATA SOURCES AND REFERENCES

Black Tusk Realty. Sales Statistics – Purchaser Origin. 2003-2005.

Canada Mortgage and Housing Corporation. Housing Starts. Housing Now Reports. 1994-2005.

Canada Mortgage and Housing Corporation. Vacancy Rates. Rental Market Reports. 2001-2005.

CitySpaces Consulting. September 2005. Affordable Housing Strategy. Prepared for the District of Squamish.

CitySpaces Consulting and Urban Futures Inc. 2006. The Impact of the 2010 Olympics on the Vancouver and Sea-to-Sky Housing Markets. Prepared for Canada Mortgage and Housing Corporation.

District of Squamish. Residential Units Under Application. 2007. Dept. of Planning Services.

Greater Vancouver Real Estate Board. Residential Real Estate Sales and Average Prices. 1991-2006. Multiple Listing Service®

Statistics Canada. Family Data Tables. 2004 Tax Year. Small Area and Administrative Data Division.

The Sheltair Group. March 2005. Population Profile and Projection for the District of Squamish, 2001-2031. Prepared for the District of Squamish.

Urbanics, et al. July 2005. Growth Management Study. Prepared for the District of Squamish.