Just heard from a resident of the Olympic Tent City that 45 people participating in the "sleep-in" protest now have housing — not a confirmed number, but if it’s even close to that number, that’s great.

But homeless Vancouverites weren’t the only people to find a home sweet home as a result of the Games (or actions that happened to protest the Games, in that case). According to an entry on Frances Bula’s State of Vancouver blog, $46.7 million in luxury condos were sold during the “winter sporting event”.

I can’t say I saw that coming, and I can’t say I’m pleased. Sure, there are some empty condos, and in a city facing a housing crisis, it’s a bit of a slap in the face to know there are empty condos sitting around while the rest of us are paying high rents/mortgages in a competitive market that sees too many people on the streets or on couches. It's an extra slap that George Wong, principal of Magnum Projects, is quoted as calling our luxury condo market "affordable."

But, if I understand my economics correctly (and not having taken anything resembling math since high school, I could be wrong), increased demand calls for increased supply. So the more condos that are bought, the more
condo buildings that will go up.

Also $31.8 million of the condos were sold to visitors — I’m not anti-visitors, I myself am a "Come From Away." I just don’t know how much money Vancouver is going to make off of people who buy condos here but don’t live in them permanently.

If we are going to build more and more condos — and since they take up far less resources and land than everyone getting their own 900 sq/ft house, condos and apartments are a more sustainable way to go — Vancouver should consider one of the options outlined in The Tyee’s housing series last year: cost-effective condos people making as low as $32,000 a year can afford. Won’t solve the homeless problem, but it will get people out of other low-cost and even social housing, making room for people on the even lower income scales. If they’re doing it in Toronto, why not here?

Photo credit: eyesplash Mikul's photostream