Today, Mayor Gregor Robertson and City Council approved a new housing development that will feature 178 units of rental housing in Vancouver’s West End neighbourhood, with 26 of the units secured at rents 20% below average West End area market rates.
“This project builds on City Hall’s work to deliver urgently needed affordable family housing, and provides a range of homes for students, young families, and seniors,” said Mayor Gregor Robertson. “With a vacancy rate of just 0.5% and more than half of Vancouver residents renting their homes, we are delivering housing that our city needs, and will provide opportunity for people of all incomes.”
The new building at Pendrell Street between Bidwell and Denman will be a significant contribution towards the City’s affordable housing goals, adding an additional 152 units of new secured market rental housing to Vancouver’s aging rental housing stock and replacing an existing 26 units with below-market housing for low-income residents. The project is also in line with the City’s goal of increasing the supply of family-oriented housing in Vancouver. With a total of 52 two-bedroom and 25 three-bedroom units, 43% of the units in the building are designed for families.
Vancouver has one of the lowest vacancy rates in Canada. In October 2014, the vacancy rate in the city was 0.5%, which means only five out of every 1,000 market rental units were empty and available for rent. The vacancy rate in the West End at that time was even lower, at 0.3%.
For the staff report on the project, please click here: