Vancouver Housing Affordability Interim Report encourages more purpose built rental development

Vancouver Mayor Gregor Robertson recently formed a task force comprised of 14 representatives from the development, building, finance and non-profit sectors to explore avenues to increase the city’s availability of affordable housing for moderate income households. In addition to the current and future residents of Vancouver, property owners, builders, and developers will note that the task force’s recently published interim report continues to support increased housing density specifically around transportation including Southeast False Creek (former Olympic Village), Norquay Village (Kingsway and Nanaimo) and the Marine Gateway node at Cambie and Soutwest Marine Drive. As the city council and planning department aims to increase density of housing around these areas the mix is expected to be more balanced between stratified condo projects and purpose built rental buildings not seen since the 1980s when many of Vancouver’s low rise apartments were built. With the city mandate for increased rental units, an apparent softening condo market, and very few good quality rental buildings for local, foreign, and institutional investors, purpose built rental projects could form a new breed in development in the near future.