Council approves 118 new rental homes in Fairview

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.
 
“There is an urgent need for new rental housing in Vancouver, and the creation of new rental homes remains a top priority for Vancouver City Council,” said Mayor Robertson. “Council will continue to support strategies to repair, renew and expand rental housing stock throughout Vancouver.”
 
The project was proposed under the City’s Rental 100 program, which encourages the development of new rental housing instead of condos. 2015 was a record-breaking year for creating rental housing in Vancouver, with more than 1,300 new rental units approved by City Council. More than 50% of all new rental housing in Metro Vancouver is being built in Vancouver.
 
Vancouver has one of the lowest vacancy rates in Canada. In October 2014, the CMCH Rental Market Survey found that the vacancy rate for private apartments in the city was 0.5%. The vacancy rate in the South Granville/Oak sub-area, where this development is located, was similarly low at 0.6%.
 
Detailed staff report: http://council.vancouver.ca/20151215/documents/p1.pdf