Workers in Richmond, BC can’t afford to live in the city and could cause huge problems for local businesses.
The Richmond Chamber of Commerce says housing costs are pricing workers out of the city and its research shows that 65 per cent of employees at city firms commute with 60 per cent citing unaffordability of homes.
Chamber chair Rob Akimow told CBC that the average price of a detached home is $1.7 million and he says government policy, especially the Agricultural Land Reserve and airport-related height restrictions.
"Density is the key," Akimow said. "We would encourage and advocate for all levels of government to continue to build our regional strategy with respect to affordable housing and densification."
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: