It is hard for me to believe that Hong Kong style suites are already in Vancouver. Earlier in the month an ad for a micro rental suite for a building in downtown Vancouver appeared in Craigslist. It is a 160 square feet furnished “studio” that is asking for $680/month rent. It looks more like a large bathroom with a mattress in the corner. There is no kitchen but a hot plate and a micro-fridge are supplied. I hope this is a prank but most likely not.
As density increases in a city, typical problems occur. Prime locations in a city are bid up. The price ripples out from there. Wages never appreciates as fast as real estate so more and more people are priced out of the market. Travel time to work increases as people move further and further from the ideal locations to find affordable housing. Apartment size get smaller and smaller to achieve “affordability”. These are hard problems to solve as evidenced by the fact that these are common problems all over the world. Local politicians would like to tell you they have a plan, but they don’t. Few do.
I wonder if more government built or government partnership rentals like in Singapore and Sweden would help to maintain some quality of life for people who cannot afford to buy in the city. Because if left to the free market, we will be advertising this bathroom with a bed as a standard luxury bachelor suite in about 20 years.
