Housing Vancouver strategy aims to increase new-home supply by 50% more than current rate
The City of Vancouver’s new Housing Vancouver strategy will aim to add 72,000 new homes to the city’s housing stock over the next decade, by widespread densification of single-family neighbourhoods, the City announced November 23.
Many of those homes will be built as affordable, below-market rental housing, and nearly half of homes built will be required to be family-sized.
The City set out a series of 10-year targets, including:
• 50% of new homes to go to households earning less than $80,000 a year;
• 40% of new homes large enough for families;
• 12,000 “social, supportive and non-profit co-operative homes”;
• 20,000 “secure, long-term market rental homes”;
• 4,000 new laneway homes; and
• more ownership options for first-time homebuyers, families and downsizing seniors.
Vancouver Mayor Gregor Robertson said, “We’ve heard loud and clear that Vancouverites expect us to address the fact that vast areas of low-density neighbourhoods are unaffordable for all but the very wealthy, with many of them seeing a decline in families and kids. With the new Housing Vancouver strategy, we can transform our low-density, single-family neighbourhoods with more duplexes and triplexes, more townhouses and rowhouses, and more low-rise apartments and make sure every neighbourhood across Vancouver is filled with families and kids.”
A preview of the Housing Vancouver plan issued November 22 also sets out help for renters. This includes allowing more co-living in single-family homes, lowering the threshold for rental unit replacement in new developments, strongly incentivizing the construction of new rental units and supporting non-profits and co-ops that wish to build rental housing.
The announcement follows the federal government’s November 22 launch of its historic National Housing Strategy, a $40 billion, 10-year plan to help Canadians get into homes.