City of Vancouver to add 400 affordable new homes

The City of Vancouver is adding 400 affordable new homesworth $50 millionto its rental stock over the next two years.

They will be the first affordable housing units to be built under the city of Vancouver's Affordable Housing Agency (VAHA).

Vancouver mayor Gregor Robertson made the announcement today at 2221 Main Street a site that's currently a parking lot but is one of the proposed properties on which it wants to build 130 rental units for families.

"We're making sure these four sites address a number of different people and demographics who are struggling to find housing in the Vancouver market," said Roberston.

The move comes as the city's vacancy rate hovers at 0.6 per cent one of the lowest in the country.

From SROs to multi-bedroom units

Chief housing officer Mukhtar Latif says rents will range from as low as $375 in the Downtown Eastside, to as high as $2,000 in one of the family-oriented units

Four sites in total will be developed:

• 177 West Pender Street: SRO replacement project that will add 100 homes for low to middle income residents.
• 3510 Fraser Street: 60 homes targeted at seniors.
• 2221 Main Street: 130 rental homes for families and singles.
• 55-79 and 87-115 Southwest Marine Drive: 100 rental homes, 50 per cent of which will be for families.

Feds and province could make units cheaper

Robertson says it's now time for the provincial and federal governments to come to the table.

"We continue to press the provincial and federal governments for support to make these units and others across Vancouver even more affordable," said Robertson

"They can contribute at any time to deepen the affordability. They can contribute through grants and reduce the borrowing that's required. They can contribute through rent supplements at a provincial level once the projects are completed."

Neither the federal or provincial government has formally committed to funding the new homes, but Robertson says the city is in discussions with both.

In July, the B.C. government passed legislation to tax foreign buyers 15 per cent on Metro Vancouver homes. The move was meant to reduce some of the pressure on the city's overheated real estate market.

Last month, Robertson announced the city is moving ahead with an empty-home tax. Today, he said the city is moving ahead with the tax, but it needs key housing data from the province before it can proceed.