Enhanced Transit Improves Housing AffordabilityEnhanced Transit Improves Housing Affordability<div class="ExternalClassA725B14C85BD43128C6250EDF1D1D733"><p>​This study adds the costs of housing and transportation to provide a more-complete picture and to broaden the definition of housing affordability, and shows that living in proximity to frequent transit corridors offsets housing costs. People who live farther from easily accessible transit have higher car-related expenses that negate some of the savings they might gain from lower house prices. </p><p>The study shows that some people opt to live in areas where housing prices are lower, often in areas outside of or at a significant distance from the regional employment core and the regional transit system. Therefore, these residents mostly rely on cars for commuting to work and other daily needs, which can significantly increase their living costs.</p><p>The report focuses on renters and home owners with particular attention on households earning less than $75,000 a year, and demonstrates that low- and moderate-income households bear grossly disproportionate cost burdens. Renters making under $50,000 a year face housing and transportation costs as high as 67 per cent of their pre-tax income, leaving them with little left for expenses including food, recreation, and child care.</p><p>High housing and transportation costs also make Metro Vancouver less competitive in attracting employees compared to other regions like Calgary and Ottawa where average monthly housing costs are generally lower.</p> <p>The Mayors’ Council ten-year-plan, <a href="http://mayorscouncil.ca/wp-content/uploads/2015/03/Mayors-Council-Vision-Document-Mar-2015.pdf" target="_blank">Regional Transportation Investments: A Vision for Metro Vancouver</a>, supports expanding the reach of our region’s Frequent Transit Network, and that will help households be less car-dependent. </p></div>http://www.metrovancouver.org/metroupdate/PublishingImages/issue09-costburden.jpg2015-05-26T07:00:00ZGP0|#43c3f653-7096-4b77-bc83-97cb5d7ab958;L0|#043c3f653-7096-4b77-bc83-97cb5d7ab958|Issue 9;GTSet|#d14ffe11-45dc-48fb-8684-ff109cf15a74<div class="ExternalClass76BFC5C8B6E94D53AD77C0844C1FF501"><p>​A new <a href="/services/regional-planning/PlanningPublications/HousingAndTransportCostBurdenReport2015.pdf" target="_blank">Metro Vancouver study</a> notes that while housing costs in our region are widely cited as among the most expensive in Canada, those costs alone are not what most often break a household’s budget.</p></div>