At last Tuesday evening’s public hearing City Council approved applications for new market rental housing developments on Galt St near Kingsway and Nanaimo, and on West Broadway at Balaclava St. Together, these projects will add 98 new rental units to Vancouver’s housing stock, with over half of the units designed for families.
“There is an urgent need for rental housing in Vancouver, and these new units will provide opportunities for those with low and modest incomes to continue to call our city home,” said Mayor Robertson. “We’re committed to the creation of new rental housing in Vancouver to ensure we’re building a city that is more affordable and accessible for residents of all ages, incomes, and backgrounds.”
The two new projects were proposed under the City’s Rental 100 program which encourages the development of projects where 100 % of the units are secured rental housing for 60 years or life of the building, whichever is greater. Since the establishment of affordable housing targets in the City’s Housing and Homelessness Strategy in 2011, over 4,000 secured rental units have been generated in the city. As a result, Vancouver is now over 80% of the way towards our goal of 5,000 new units by 2021.
The projects are also in line with the City’s goal of increasing the supply of family-oriented housing in Vancouver, adding a total of 48 two-bedroom units and 15 three-bedroom units.
Staff report on the Galt St. project: http://former.vancouver.ca/ctyclerk/cclerk/20150929/documents/p3.pdf
Staff report on the West Broadway project: http://former.vancouver.ca/ctyclerk/cclerk/20150929/documents/p1.pdf