Vancouver launches new market rental housing strategy
Th initiative will enable the delivery of market rental housing on city land.
Vancouver is one of several major markets the study looked into. – Province of B.C.
Key Takeaways:
- Vancouver is piloting a new model for delivering market rental housing on city-owned land, starting with a rezoning proposal for Pacific and Hornby Street.
- The Vancouver Housing Development Office (VHDO) will generate non-tax revenue by leveraging city real estate assets for market rental housing while addressing infrastructure funding needs.
- The proposed development includes 54- and 40-storey towers, potentially adding 1,136 market rental homes, while the city remains committed to non-market rental housing initiatives.
The Whole Story:
The City of Vancouver is moving forward with a new approach to delivering market rental housing under the Rental Housing on City-owned Land – Public Benefits Pilot Rezoning Policy, with a rezoning proposal to develop on city land at Pacific and Hornby Street.
Led by the Vancouver Housing Development Office (VHDO), this initiative will enable the delivery of market rental housing on city land while piloting a new way to generate non-tax revenue for the city.
“The launch of the VHDO is a big step forward in making sure we have the right homes for the people who need them. By putting our real estate assets to work and thinking outside the box on housing solutions, we’re setting up Vancouver for long-term success – so more families and residents can put down roots and thrive in our city,” says Ken Sim, Mayor of Vancouver.
The VHDO was established at the direction of Council to centralize housing delivery. In addition to non-market rental housing, the VHDO will focus on partnering and investing in the development of market-rental housing on City-owned property. In line with the recommendations in the Mayor’s Budget Task Force Report , this aims to maximize the delivery of market rental housing and generate financial returns and non-tax revenues to address the growing infrastructure deficit and Council priorities.
The proposed 54- and 40-storey buildings at Pacific and Hornby could provide up to 1,136 market rental homes, comprising a mix of studio and one- to three-bedroom units.
While the city is pursuing market rental housing development, it says it remains committed to delivering non-market rental housing through the VHDO as well.
