The City of Vancouver has approved two new desperately needed rental housing developments.
The approval of the rezoning of two 100% rental buildings Tuesday comes at a time when the city’s rental vacancies are below 1%, pressuring rents and creating extra challenges for those renters trying to save for homeownership.
The new buildings – on Main Street and West King Edward Avenue – will add a combined 88 units to the rental market, adding to the 181 already approved this year.
“Over the last year, we’ve approved more than 3,000 new homes—rental, social, and supportive housing—for people who live and work in our city,” said Mayor Gregor Robertson. “We’re working hard to deliver more affordable homes for local residents by introducing Canada’s first Empty Homes Tax, implementing new regulations on short-term rentals, and providing temporary modular housing for our most vulnerable residents. Our housing agency VAHA is building more below-market housing than any other developer in Vancouver.”
The Mayor said that no other Canadian city is doing more to tackle the affordable housing issue than Vancouver.
More market update: