Families of four that are looking for a (relatively) affordable place to live may want to consider moving to Port Moody, according to a new report by Vancity credit union.
The document found that for a young, average-income family, three-bedroom attached properties, such as row houses and townhouses, are ideal because of their affordability. And while that type of housing is difficult to find in Metro Vancouver, Port Moody seems to be ducking the trend.
Three-bedroom attached properties made up 20.2% of the city’s total housing inventory, considerably higher than the 9% average seen in Metro Vancouver, according to the report.
“Given this data, it seems Port Moody is ahead of the curve in developing its housing stock,” the report said.
Port Coquitlam was also above the regional average, with 13.4% of its housing stock made up of row and townhouses, while Coquitlam was slightly above the average with 9.8%.
Housing suitable for families of four is difficult to find in Metro Vancouver. And the report found that turnover rates for attached row and townhouses are complicated by the fact that many families cannot afford to move into single-family homes.
“Buying a suitable house isn’t affordable for most families,” said Andy Broderick, Vancity’s vice-president of impact market development. “The relatively affordable options like three-bedroom townhouses and row houses are limited and rarely available for purchase, further compounding the problem.”
The report also noted that most cities need to make a concerted effort to address the lack of three-bedroom attached housing in their municipalities. The document stated that as of July 2015, only 2,503 (9%) of the 27,044 units under construction were attached homes.
