Mayor and Council Approve 140 New Rental Homes Near Victory Square

Council has approved two new rental buildings at 424-428 and 454 West Pender Street to deliver new, 11-storey mixed use buildings with 140 new rental homes. Made through two applications considered concurrently and proposed by Onni Development, it includes 25% (36) family homes and was considered under the Downtown Eastside Community Plan.

“Vancouver’s economy is booming and along with it the City’s drive to get more rental housing built,” says Mayor Gregor Robertson. “Vancouver already leads Metro Vancouver’s housing supply, providing more than half of all new rentals and 20 per cent of overall housing in the region. In this housing affordability crisis, the City continues to pursue all tools and options available to get housing built and to market as quickly as possible so that local residents have a diversity of options to choose from.”

The breakdown of the 140 new homes at 424-428 and 454 West Pender are:

 

424-428 West Pender

454 West Pender

Both sites - # of homes

Both sites - % of homes

Studio

32

38

70

50%

One bedroom

34

0

34

24%

Two bedroom

6

30

36

26%

TOTAL

72

68

140

100%

 

These new homes at Richards and Pender add badly needed rental homes to the long-term rental market as Vancouver’s vacancy rate continues to hover near zero – the lowest in Canada.

Since 2011, the City has enabled 12,000 new affordable homes and has taken a number of steps to increase housing options and support affordability:

  • Pursuing an Empty Homes Tax to bring some of the 10,800 long-term empty homes back into the rental market;
  • Offered 20 sites of City-owned land – worth $250M – to the provincial and federal governments to build new affordable housing
  • Provided four sites of City-owned land to enable Vancouver’s first Community Land Trust
  • Regulating short-term rentals to protect long term rental supply;
  • Increased the family housing requirement in new condo buildings to 35% (up from 25%);
  • Pursuing temporary modular housing on city-owned sites for affordable housing;
  • Increasing low-rise townhomes and stacked rowhouses through the Cambie Corridor and Marpole Community plans;
  • Approving an Affordable Home Ownership pilot program, the first of its kind in Vancouver;
  • Expanding opportunities for laneway homes into all residential neighborhoods across the city.