A new study from the Capital Regional District highlights affordability in the region with transportation and housing costs combined.
In the past, housing affordability has been measured specifically by how much people pay for housing, but the CRD says this might not actually reflect the true cost due to housing location. Including the costs of transportation, helps paint a more accurate picture of affordability in the region.
“The study provides a necessary baseline on housing and transportation costs, and results could be used to inform regional and local planning initiatives,” said the CRD in a press release.
The study found that the cost of housing and transportation depends on location, and that transportation choice could save households money.
Some of the main points in the study found is that higher transportation costs are mainly due to owning a vehicle, older apartments and condos with long tenancy are cheaper to live, developing areas on the outskirts of the region tend to be more affordable due to land values and availability, and transportation costs are lower in areas where more transit is available.
To view the housing and transportation cost estimate study visit crd.bc.ca.