Vancouver has a surplus of high-end rentals and a critical shortage of affordable housing.If you’re one of the few wealthy renters, you’re at an advantage, because Vancouver has an 8.7-per-cent vacancy rate. That’s the situation if you can afford to pay more than $3,750 a month.
Mr. Yan used the city’s new data to analyze the percentage of completed non-market development in the past decade. He says his numbers are conservative because they do not account for the loss of apartment buildings that were redeveloped and replaced with fewer units of housing. Mr. Yan praised the city for releasing the data, which, he says, helps residents put the problem in perspective.“The city’s data book is a very important document, and an unflinching view of our housing challenges.”
“However, we have seen an increasing number of projects being approved recently,” the city said. “As part of the Housing Vancouver Strategy, the city has a target of approving 12,000 new units of social and supportive housing over the next 10 years.”Story continues below advertisement Mr. Hurley says Burnaby’s non-market housing completion rate has been lower than Vancouver’s and he’d like to see it increase to around 10 per cent a year of all newly built homes. But that will take three to four years to achieve and Burnaby has a lot of catching up to do, he says. In the meantime, he wants to use every tool available to generate affordable housing, preferably without depending on federal funding, which may or may not arrive.
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