Housing Vancouver Strategy
Vancouver City is updating the Housing Vancouver Strategy with a primary focus on housing supply targets, rentals, and affordability. A new target has recently been set by the Province to cater to the ever-growing population of the city in a better manner.
In 2017, under then-Mayor Kennedy Stewart, The Housing Vancouver Strategy, was approved in 2017 under then-Mayor Kennedy Stewart. As per the plan, the City set a 10-year target to build 72,000 new houses. Of late, the City has proposed a 10-year target for 83,000 new dwellings between 2024 and 2033. It’s a 15% rise over the previous target.
The Breakdown Of The Plan
The strategy is divided into several sub-targets similar to how it was in 20217. Here is the breakdown of Vancouver’s big target:
- 8,500 non-profit social housing/co-op units;
- 26,500 strata condominium units;
- 30,000 purpose-built market rental units;
- 4,000 laneway homes;
- 7,000 townhouses, duplexes, and multiplexes.
- 5,500 purpose-built below-market units; and
- 1,500 supportive housing units.
What Does The City Staff Think?
The City staff stated the update in the strategy is in response to “population growth, existing housing needs, and new Provincial requirements“. The staff said, “While the City is able to significantly increase ownership and market rental housing options, meeting the full need for moderate- and low-income households seeking more affordable housing is not possible with municipal tools alone. In today’s context of rising costs and higher interest rates, delivering housing for moderate- and low-income households is the most challenging. The new Housing Vancouver Targets propose a total of 10,000 social and supportive housing units over 10 years, as well as 5,500 below-market rental units to be delivered by the private market, which will address about 25% of the need identified in the City’s housing needs assessment. Although this will not meet the full need, it is an ambitious target based on development trends and financial analysis, and isachievable with support from senior government, non-profit, and private industry partners.”
