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.
Figures released this month by Statistics Canada and BMO Nesbitt Burns confirm that Vancouver’s economic success is continuing to gain momentum, with 2015 seeing the Vancouver region achieve 4.2% growth in employment - the fastest rate of employment growth since 2002. Vancouver’s unemployment rate has also now fallen to 5.7%, well below the BC average of 6.7% and the Canadian average of 7.1%.