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EDITORIAL: Climbing costs
Positioned west of the toll bridges and close to the Evergreen Line, homes in the Tri-Cities will become increasingly desirable in the coming years.
First-time home buyers, primarily young families, are jostling with older empty nesters for condos, townhouses and homes, raising questions about how long this much-vaunted affordability will last.
High home prices have chased many buyers out of neighbourhoods in Burnaby and the North Shore to the Tri-Cities.
But how long will it be before this region is too expensive for families, baby boomers and the elderly?
The Tri-Cities Homelessness Task Group raised concerns about affordability in an April 2013 report.
The group noted that many people are at risk of losing their homes or pay a significant amount of their income on rent. There are also concerns that people won’t be able to afford their homes when interest rates rise.
Perhaps it’s time to take a closer look at what we can do to ensure our neighbourhoods are affordable and thriving for years to come.