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Originally Posted by Caliplanner1
....the real questions you should be asking is whether or not all this urban growth benefits Vancouver in terms of housing affordability and attendant needed urban socioeconomic stability/sustainability. Many (lower income but critical) service providers will be forced away from Vancouver (including young families headed by food service workers, police, teachers, health care workers, fire personnel, garbage collectors etc. who all are needed to keep Vancouver's economy rejuvenated and robust over the short-medium-long term). 
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It is indeed terrible that the service workers that we rely upon may not be able to live close to the city they work and will certainly cause the local economy to stagnate if not remedied. I think the affordability issue would be addressed by greater supply, speeding up developments in areas earmarked for major urban growth, and lowering the quality of finishes in some new developments to lower purchasing costs. In essence, the market needs to be flooded. The demand for condos is barely being met by the supply offered as most people who are looking for SFH are shifting their focus to condos. In the development I purchased in there were literally 50 to 60% more buyers then places offered.
The big dilemma is that all land west of the Pitt River and north of the Fraser has been developed for SFH. We have nowhere to sprawl. The only place is up, but these developments take a lot longer to build than a home, unfortunately. Places like Calgary, Edmonton, Saskatoon, etc. can simply annex an area, have developers come in and make SFHs. The only places that can happen here are Pitt Meadows, Maple Ridge, Surrey, and Langley, which are poorly serviced by transit and road infrastructure with the urban core.
I am a teacher and was able to buy in my area of choice, Brentwood, which is a short drive to work in South Burnaby. The caveat is that I live at home, so I do not have to pay rent. However, not many out there are in this position, so having to pay rent will make a sizable down-payment difficult to save for. Maybe take the money from the PPT and give it to first-time homebuyers or families when they make a purchase for a home?
EDIT: It has not helped that we have gone roughly 25 years without a national housing policy. Before 1992 the Federal government regularly gave money to provinces and cities to build affordable housing. During Chretien's time as prime Minister he abolished the housing program to save money to make it look like he could balance the books. Since then virtually no low-income subsidized housing has been developed and no national plan has been enacted to ensure that middle- and low-income workers can get decent housing.