Affordable Housing. Is this an idea whose time has come and gone? Or is it a "concept" that needs our attention more than ever?
My father (a business owner for most of my life) beleives that home ownership is one of the key factors in developing a healthy and strong self image for people. I subscribe to the thought that everybody should have the ability to come "home" after a hard days work and hang their hat and spend time with family and freinds. Whether through renting or ownership this should be available to everyone.
The question then is, should affordable housing be a combination of affordable rental units and affordable ownership units?
I am a believer in the "free" market. Capitalism. However, I like the term Rich DeVos coined called Compassionate Capitalism. No, I don't want to see people living on the streets. But I also don't want to see people have a house "given" to them by the government. This job belongs to charities like Raising the Roof. Why? Maybe it's because I've had to fight to enter into the housing market...and it's a fight I continue to endure because I want to do it on my terms.
However, today's market begs us to look at this problem again. Why? Take a look around you. The Canadian housing market is white hot! Prices for new homes and re-sales continue to climb to record levels. Mortgage rates are still low. And now we have 50 year ammortizations, interest only loans, and God-knows-what-other-bells-and-whistles.
The point is this: to buy a house is more expensive than it's ever been regardless of interest rates. Second, rental prices are skyrocketing as well! Third, I really don't have a clue what the solution is.
But maybe you have some thoughts that you'd care to share? We would really like to hear from YOU.......