The Southern Interior of B.C. is commonly perceived as an affordable area of the Province. However, key housing indicators demonstrate that there is a growing gap between median household incomes and average resale home values in these communities, creating challenges for moderate-income households to enter into the homeownership market through conventional methods.
It is within this context that the BC Rural Centre (BCRC) engaged CitySpaces to undertake a shared equity homeownership study. The purpose of the shared equity homeownership study was to explore the opportunity to address the affordable homeownership issue by intervening with a land lease and share equity model. Such a model would complement non-market and rental housing as another category along the housing continuum, with the aim to alleviate pressure on the rental stock and increase the availability of housing options to attract and retain a resilient workforce.
As part of the shared equity homeownership study, our team:
- Researched and analyzed housing indicators related to homeownership affordability;
- Reviewed existing affordable homeownership programs available to potential purchasers in B.C.;
- Undertook case study research on shared equity homeownership and community land trusts in Western Canada and the United States, identifying key criteria for success and applicability to the B.C. Southern Interior context;
- Evaluated potential risks associated with introducing a shared equity homeownership program in small and rural communities and where markets that are, or could, become stagnant, in decline or subject to boom and bust cycles; and,
- Performed financial scenario analysis based on a variety of housing typologies and market sizes.
The shared equity homeownership study is a baseline report that the BCRC will reference to inform next steps including site-specific feasibility studies in promising markets.
PROJECT TEAM:
