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EDITORIAL: Squamish No. 9 least affordable

H ousing affordability is a hot topic in Squamish these days. As we see prices around us jump – and continue to climb month after month – many people are finding it difficult to find a place to live and, even worse, some residents have had to leave.
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Housing affordability is a hot topic in Squamish these days. As we see prices around us jump – and continue to climb month after month – many people are finding it difficult to find a place to live and, even worse, some residents have had to leave. 

A recent report has proved what many of us are thinking. Squamish comes in at number 9 for the least affordable community to live in. 

The study, “Growing unaffordability hits suburbs hardest” by VanCity credit union, uses median home prices and median incomes to compare affordability of 30 communities in B.C. 

The typical single-family house requires 43 per cent of a household’s income, up 24 per cent from a year ago. People owning townhouses and apartments fare better, using up 32 and 22 percent of their household income, respectively. 

While West Vancouver, Lions Bay and the District of North Vancouver are the least affordable, communities further away from Metro Vancouver, like Squamish, are sneaking onto the list more. (Surprisingly, Bowen Island comes in ahead of Squamish at number 6.)

Columnist Ashleigh Giffen (page B4) talks about the impact of skyrocketing housing prices on some of Squamish’s most vulnerable. 

She writes, “The divide is clear between old and new based on socioeconomic status. Long-time Squamish residents are frustrated by the stark reality they may need to move away in order to own a home, being shut out of the hyper-inflated market due to the influx of ‘new money.’”

She says that in order to “uphold a scene of tourist paradise” we forget to support marginalized groups that struggle because of lack of resources, prejudices and financial stress.

Even if you own a home, most properties were assessed higher this year. While this might seem like a positive for homeowners it has led to higher taxes in many cases. 

Increased assessments of 30 to 50 per cent are typical for single-family houses in Squamish, while condos and townhouses jumped 15 to 30 per cent. The district is among a few communities in B.C. seeing the highest assessment spikes, prompting BC Assessments to mail letters late last year to property owners whose assessments increased significantly more than average in the district. 

As of May, the benchmark price of a single-family home in Squamish is $880,500, up 72 per cent from five years ago. Townhouses are $726,400, a huge jump of 133 per cent from five years ago, while apartments are $402,600, up 57 per cent. 

Squamish is an awesome place to live but if you’re, unfortunately, considering moving due to housing prices, try the City of Langley, Sooke, Victoria or Esquimalt – all of which are at the top of list in terms of affordability in the report. 

See page B8 if you’re looking for ways to manage your debt. 

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