Challenges and/or Barriers Faced in the Rented Condominium Market : Rental Providers’ Perspectives, City of Vancouver Campbell, Latosia
The aim of this research is to assess the significance of rented condominiums and its implications for rental housing in the City of Vancouver; and to identify the challenges faced by providers of rented condominiums and policies needed to increase the supply. Interviews were conducted with rental providers and other stakeholders, using snowball sampling methods, which were supported by secondary data. Research findings revealed that rented condominiums are highly significant in the City, given the gradual decline of the purpose built rental stock. However, an increased reliance on rented condominiums is problematic because this supply exists solely for investment purposes and there are some concerns regarding housing affordability. Furthermore, challenges faced by rented condominium providers could affect the supply of this stock. These include rent control and rental restrictions, which are regulated by provincial legislations. Minor amendments to these legislations are suggested to increase the supply. However, there are risks involved in adopting policies that encourage rented condominiums such as an unstable supply and difficulties in securing the stock. To secure rental housing affordability and adequate rental housing for renters in the City, policies focusing on increasing the supply of purpose built rental housing are recommended, in addition to comprehensive research on the rental housing sector. Strong emphasis is placed on supportive federal government policies, improved partnerships among all levels of government and a collaborative approach between government and rental providers in solving the rental housing shortage in the City.
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Attribution-NonCommercial-NoDerivatives 4.0 International