“The concerns raised about the rapid resale of homes highlight how we need new tools from the provincial government to properly manage Vancouver and BC's real estate market. The tools we do have are woefully inadequate and out of date, and we cannot have housing treated as just a commodity. I've called for a speculation tax in the past as one tool - but by no means the only one - to help create a more level playing field. But any discussion about affordable housing needs to recognize we need a big boost in the supply of homes for people on low and middle incomes.
City Council has approved a new housing development near 14th and Burrard that will provide 116 new market rental units. The site currently contains a building with 134 unsecured rental units, which will gain two new units and will also be transitioned to secure market rental. Combined, these 252 units represent a significant contribution towards the city’s stock of secured market rental housing at a time of extremely low vacancy rates.