S yy Shis thsue: (¥ Emma Paulsen to receive sentencing (Y Local news roundup And more! (Y Preview of Douglas women’s soccer Vancouver crowned second most-expensive city 1n the world » Bank of Canada economists, and homeowners respond Mercedes Deutscher Staff Writer n January 20, the Demographia International Housing Affordability Survey named Vancouver as the second most unaffordable city in the world to live in, second to Hong Kong. The survey was conducted by comparing the median incomes of the respective area to the median housing prices. According to Demographia’s 2015 report, Vancouver scored a raking unaffordable Canadian city, Toronto, reported a 6.5 median multiple. These high, oftentimes unaffordable, rates have the tendency to place Vancouver homeowners at risk, as speculated by Canadian economist David Madani. “Given how high house prices are relative to household incomes, you'd only have toseea : : moderate increase in mortgage : rates to have a really huge hit to : affordability,” Madani explained : to the Globe and Mail. Madani : predicted that homeowners may : have trouble making monthly : payments on their homes : if there were to bea rise in : mortgage rates. Ina response to the survey : and economists’ predictions, : the Bank of Canada lowered the : lending interest rate from one : per cent to 0.75 on January 21, in : hopes of providing a boost to the : : real estate market. In addition, : Central 1 Credit Union forecasts : that interest rates on housing : will not be raised until at least 10.6 median multiple, ranking as early 2016. “ 1 fhe le” Th t : severely unaffordable.’ The nex : Bank of Canada’s original plan, : which was to raise the interest : rates later this year. However, : interest increases may still occur, : depending on if the US Federal : Reserve raises housing rates. : In Vancouver, it is difficult to : : find a home for under $1 million. : In East Vancouver, buying : an empty lot can cost over $1 : million. This is a change from the Macdonald Realty Group gathered data from two : Vancouver real estate boards. : In 2014, over 800 houses in : Vancouver were valued at $3 : million or higher. Meanwhile, : 199 homes were each bought for : over $5 million. More expensive homes : are increasingly hitting the : Vancouver housing market, : where people are buying older, : un-renovated houses. These : homes often cost around : $600,000, and are often bought : and demolished so that new houses or condos can replace : them. Those new houses and : condos are then put on sale for a : much higher price. : In response to the “property : flipping” trend, city officials : are placing restrictions on : properties that have houses : on them built before 1940. If : someone buysa pre-1940 lot and : builds a new house on it, said : house must be smaller than the : original house. Homes in municipalities : surrounding Vancouver have : begun to regularly hit the : $1-million mark, including : homes in Richmond, Burnaby, : and the South Surrey/White * Rock area. Have an idea for a story? Let us know! Contact: Angela Espinoza, News Editor Mi news@theotherpress.ca www.theotherpress.ca Photo by Huffpost.com Did you know: Douglas College Daycare Angela Espinoza News Editor Mi news = @theotherpress.ca “Did you know?” informs Douglas students about college services. If youre part of a campus organization for students and want to raise awareness, email us at news @theotherpress.ca Ihe Douglas College daycare facilities serve multiple purposes on the New Westminster and David Lam campuses. While they serve as a resource for student parents centres also provide training to Early Childhood Education : (ECE) students. Many make use of the : college’s daycare facilities, as : ECE general manager Susan : Hall-Ford stated, “Approximately : : half the children attending : daycare are students’ and staffs’ : from the college.” Hall-Ford also stated that additional Childcare Subsidy : aid can be accessed through the : ECE’s student services website However, one does not : need to bea student or staff of : the college in order to use the : daycare facilities. “The application process : is the same except the wait-list : is different,” said Hall-Ford. : Children of students get priority, : with young children, the daycare : children of the staff getsecond : priority, and then children of : community members get third : priority. The student or staff : ID is used to confirm their : respective statuses.” As for student involvement, : students of the ECE program : get to work one-on-one with : daycare staff and children in : order to better their teaching : skills and ability to make : connections with their future : students. “The daycare facility works : directly in the ECE program : through a program called : Children Teaching Teachers,” : said Hall-Ford. “The children : at the Coquitlam campus meet : oncea week with the students, and the students set up the : environment and engage the : children in learning activities : they have created. “Students of the ECE : program are sometimes placed : in practicum at the centres. In : some cases, they could end up : as employees at the centres. If : your child attends the childcare : : centres, you are automatically a : : member of the Douglas College : : ECE Society and you could sit : on the society board, which isa : : good opportunity to learn about : : non-profit boards, how they : function, and then count your : hours there as volunteer hours.” : But while the ECE program : : is primarily run out of the David : : Lam campus in Coquitlam, : students, staff, and the : community can access daycare : centres on both campuses. “The facility at David Lam : is ina standalone building, : and the Centre in New West : isin the main building witha : playground out on the balcony.” Hall-Ford added that : as different resources are available, “fees differ at each location.” “The students with children : should feel relieved knowing they have priority access to excellent, quality childcare right : on each campus. If someone is : in need of more information, : they can contact me directly at daycare@douglascollege.ca” Daycare hours operate : from Monday to Friday at both : campuses, though David Lam’s : runs from 7 a.m. to 6 p.m. and : New Westminster’s from 7:30 : a.m. to 6 p.m.