All three major housing types condominiums, purpose-built market rental housing, and social housing exceeded their annual targets for the year.
Over half (53%) of the new Vancouver housing approvals over the year were for purpose-built and social housing doubling the number since 2019. As well, over 350 new below-market rental homes were approved, an increase of fivefold over the previous year.
Nearly half (48%) of the units were approved under the Moderate Income Rental Pilot Program, entailing 928 market rental homes and 233 below-market rental homes.
These are the number of approved units for each home type in 2020, and how the performance meets against annual approval targets:
This requires 20% of the residential floor area be dedicated for moderate income households translating into eight units with below-market starting rents ranging from $950 monthly for studios and up to $2,000 monthly for three-bedroom units. Moderate incomes are defined as incomes between $30,000 and $80,000.
The remaining units will be rented at market rates.
The unit mix is eight studio units, 14 one-bedroom units, and 13 two-bedroom units.
Existing condition:
Future condition:
Artistic rendering of 3084 West 4th Avenue and 2010 Balaclava Street, Vancouver. (Ekistics Architecture)
The total floor area is 21,824 sq. ft., giving it a floor space ratio density of 2.95 times the size of the 7,400-sq-ft lot. A single underground level will contain 15 vehicle parking stalls and 54 bike parking spaces.
Social housing: 771/1,200 units (64% achieved)
Purpose-built rental housing: 1,323/2,000 units (66% achieved)
Condominiums: 2,118/3,000 units (71% achieved)
Laneway houses: 297/400 units (74% achieved)
Coach houses: 26/100 units (26% achieved)
Townhouses: 338/500 units (67% achieved)
It should be noted that 70% of the approved purpose-built rental homes were under the city’s Moderate Income Rental Pilot Program creating 708 market rental homes and 178 below-market rental homes.
These overall numbers, of course, do not include the approvals over the fourth quarter, which will likely result in the municipal government nearly meeting, fully achieving or exceeding targets in certain key housing types. This applies specifically to social housing, purpose-built rental homes, and condominium homes.
“Despite the challenges of COVID-19, we continue to approve much needed new housing, especially the purpose-built rental and social and supportive housing we need to drive rents down,