"too expensive to be afforded by the average person"

For those that have said that $1700 per month for a 640 sq.ft. apartment may represent normal market rental pricing in this particular part of Vancouver, we agree. It does not mean that it is affordable though. We will also add that that this does not appear to meet the CMHC standard to house “a person in need”. Furthermore, the BC Housing loan standard is “To provide interim and/or arrange long-term financing for the creation of affordable rental housing units for eligible low to moderate income households in British Columbia” with the definition of low to moderate income households being:

“Low to moderate income households are defined as those whose income level is within the second quintile of the total household income of two persons or more in British Columbia”.

Once again, what made BC Housing think for a moment that they could extend financing to the completely market priced luxury development over at 508 Helmcken (different site) and which does not meet any of the affordability standards?