The City is updating its housing targets to incorporate the provincial target and has also outlined a 3 Year Housing Action Plan.On the heels of being given a housing supply target by the Province, the City of Vancouver is set to update its own housing supply targets, as well as an action plan towards reaching those targets., which set a 10-year target of 72,000 new homes, with a focus on shifting towards the "right supply" — rental and affordable.
Additionally, of the overall 83,000, the City is aiming for 33,400 family-size units and 11,000 low-density units, such as laneway houses or multiplexes.The updated targets are a reflection of "population growth, existing housing needs, and new Provincial requirements," said City staff in a, the Province issued Vancouver a five-year Housing Target Order of 28,900 units.
"While the City is able to significantly increase ownership and market rental housing options, meeting the full need for moderate- and low-income households seeking more affordable housing is not possible with municipal tools alone," said staff. "In today's context of rising costs and higher interest rates, delivering housing for moderate- and low-income households is the most challenging.
"Due to the 5-year timeframe of the Provincial target that uses completions as a measure, most multi-family projects expected to complete within the next 5 years have already been approved, are under construction, or going through the application process," staff said.