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.