Plans to increase the supply of affordable housing in the Cambie Corridor were announced by Gregor Robertson on July 24.
The proposed pilot project would be for renter households making $30,000-$80,000 yearly and would be designated as "long-term affordable." Rents will be directly connected to the incomes of renters and are designed so as to have households spend no more than 30% of their income on housing.
Rental home prices could range from:
$850 - $1,000 for a studio
$1,250 - $1,500 for a one-bedroom
$1,700 - $2,100 for a two-bedroom
The plan would be a part of Cambie Corridor Phase 3 and if successful, could provide up to 1,000 new affordable homes in Vancouver's Oakridge Municipal Town Centre. The pilot project is a part of the city's larger plan to create 4,000 new affordable homes in the Cambie neighbourhood by 2041.
"Vancouver doesn't just need supply, it needs the right kind of supply local people on local incomes can afford," says Mayor Robertson. "The City is doubling down on affordable housing backed by the principle that no one should spend more than 30% of their income on their home. We're putting a big focus on rental housing and prioritizing innovating ideas like this pilot project that will ramp up the City's delivery of affordable housing for renter across the spectrum."
Also, as part of the City's Housing Affordability Action Plan, the Vancouver Affordable Housing Association (VAHA) has released a request for proposals to build nearly 900 affordable housing units throughout the city, including Vancouver's West End, Downtown Eastside, Renfrew-Collingwood, River District.
Rental vacancy rates are under 0.8% in Vancouver, one of the lowest in Canada.