Today City Council approved new incentives to get more family housing built in Vancouver. The changes build on the success of the City’s Rental 100 program, which provides incentives for the construction of rental apartments instead of condos and has generated almost 4,000 new rental homes.
The staff report shows a significant lack of family housing in Vancouver. Out of 55,800 rental housing units in Vancouver, there are just over 500 three bedroom units – less than 1%. The City will allow Development Cost Levies to be waived on the construction of new three bedroom rental units, with a size limit of 1,044 square feet – in line with BC Housing Standards for affordable housing.
“We need more housing built for families in Vancouver, and this is one tool the City can take to make it happen,” said Mayor Robertson. “Given how few units there are, it’s clear we cannot leave it to the housing market to generate three bedroom homes. Families need a place in Vancouver and that means providing a wider range of housing options.”