Prince George is behind the times when it comes to available housing but a new city bylaw will not only address the problem but maybe open the door to new residents.
On Monday, city council unanimously approved the multi-family housing incentive bylaw to encourage smaller and denser home construction in the city centre, along major throughfares and near busy retail centres. The bylaw reflects the outcome of a housing need and demand study by UNBC's Community Development Institute, which found a growing separation between available housing and types of households. More than 60 per cent of housing in the city are single-family homes designed for larger families but the local population is changing to older, empty nesters and younger families with fewer children or none at all.
The bylaw offers a variety of nudges to home builders to adapt, from lengthy exemptions on property taxes to reduced or eliminated development cost charges, in exchange for housing in certain areas that feature more accessible attributes, such as wider hallways and a kitchen, a bathroom and a bedroom on the main floor.
Developers are willing to invest in these kind of projects but they need to see civic government commitment, not only in financial incentives but in favourable zoning, supporting infrastructure and quick and easy approval of building permits. The home builders benefit but so does local government, through increased economic activity and revenues. Real estate agents gain by having a broader array of product to offer buyers looking for smaller, cheaper and centrally-located accommodations.
Other cities have been quicker to make the change but that doesn't mean Prince George is too late to benefit. An aging local and regional population wanting to live closer to doctors, specialists and extensive retail, education, cultural and transportation choices for a reasonable price can stay right where they are. The folks that can afford to retire to the Southern Interior or Vancouver Island will still go but for those who have to stretch their post-working-life income further, remaining in Prince George is an opportunity, not a hardship.
Furthermore, it allows Prince George to market itself to residents in the Southern Interior, the Lower Mainland and Vancouver Island as an excellent home for cost-conscious retirees or aging workers with limited working years ahead and not as much set aside in savings as they would have liked. Cashing out of their expensive homes in Kelowna, Metro Vancouver and Greater Victoria for much lower cost-of-living costs in Prince George provides an instant windfall. That windfall further grows as a sound investment if the city is able to provide the adequate housing and urban amenities these new residents expect.
The idea of Vancouver residents leaving the big city to retire in Prince George isn't as crazy as it sounds. Take an empty-nest couple in their early 60s. Their mortgage is long paid off but their modest bungalow off Commercial Drive in East Vancouver is worth 10 times what they paid for it 35 years ago. They are wealthy on paper but the bulk of their money is tied up in the value of their home. They can keep working for five or seven more years or they can quit their jobs and sell now, buy a newer (or new if it's a home developed as a result of the local bylaw) home in Prince George, pay for it in cash and use the rest to pay for frequent visits to see the kids and grandkids and the annual tropical cruise.
This narrative is particularly appealing to aging Lower Mainland residents terrified there is a housing price bubble in Vancouver and the bubble will burst, leading to a major correction in home prices, at precisely the moment they're ready to retire. Nobody wants to be the one tied to a $500,000 home that sold for double that 18 months earlier.
Prince George city council could see incredible unanticipated benefits like this from its housing incentive bylaw. To fully capitalize, however, the city needs to further invest in senior-friendly amenities and infrastructure while marketing itself as a community suitable for a cozy retirement with a comfortable price.
