On Tuesday, Vancouver City Council approved the rezoning of two new 100 per cent rental buildings, boosting rental housing supply at a time when Vancouver's vacancy rate is below one per cent. New data from CMHC shows that nearly half of all rental housing under construction in the Metro Vancouver region is taking place within the city of Vancouver.
“Over the last year, we’ve approved more than 3,000 new homes—rental, social, and supportive housing—for people who live and work in our city,” said Mayor Gregor Robertson. “We’re working hard to deliver more affordable homes for local residents by introducing Canada’s first Empty Homes Tax, implementing new regulations on short-term rentals, and providing temporary modular housing for our most vulnerable residents. Our housing agency VAHA is building more below-market housing than any other developer in Vancouver.”
“No other city in Canada is trying to do more to address the challenge of affordable housing than Vancouver.”
The first mixed-use building approved last night at 5679 Main Street will provide 46 new rental homes, with 35 per cent of the units geared toward families. In total, the building will include a mix of studio (9 per cent), one-bedroom (46 per cent), and two-bedroom homes (35 per cent).
A further 42 units of secured market rental units at 431-455 West King Edward Avenue will be established as part of a four-storey residential building. A majority of these homes (88 per cent) will be geared towards families, with 24 two-bedrooms (57 per cent), 11 three-bedrooms (26 per cent), and two four-bedroom homes (5 per cent).
Together, these two buildings will add a total of 88 new secured market rental homes for people who live and work in Vancouver. In January of this year, Council approved 181 new rental homes.
Providing more of the right supply of housing for people who live and work in Vancouver is a top priority in the new Housing Vancouver strategy, approved by Council on November 29, 2017. The bold 10-year plan includes measures that go after real estate speculation, offer more protection for renters and will transform single-family neighbourhoods across the city.
Visit vancouver.ca/housing to learn more.