Rental housing shortage a problem that will just get worse
Photo by Dan Ferguson/Langley Times The fire which destroyed a portion of the Paddington Station apartment block in Langley City on Dec. 11 has put even more pressure on the Langley rental market. More than 80 families will be out of their homes there for as long as two years. There has been a lot of focus on affordable housing in the past year, but much of the political attention and media coverage has focused on people who want to buy a home. Meanwhile, renters are facing many challenges, with some of the most significant ones coming at them in the next year or two. The skyrocketing price of real estate, which is reflected in the recent assessment notices, means that landlords will seek to boost rents as much as they are able to. Meanwhile, the supply of rental housing is not increasing at the level it should be in an area with steady economic growth and a growing population. This lack of supply also gives landlords another incentive to boost rents – they know they ca...