670 Below-Market Rentals Planned for Metro Vancouver in Phase 2 of Housing Partnership

670 Below-Market Rentals Planned for Metro Vancouver in Phase 2 of Housing Partnership
May 27, 2024

The provincial government, alongside Metro Vancouver, has unveiled details for the second phase of their housing partnership, aiming to deliver up to 670 below-market rental units across four key areas.

Building on Existing Commitments

This announcement follows a memorandum of understanding signed in 2023 between the B.C. government and Metro Vancouver Housing. This agreement aimed to create a total of 2,000 affordable rental homes over the next 10 years.

Phase 2 Breakdown

Premier David Eby and Housing Minister Ravi Kahlon recently announced specific details for Phase 2 projects. These developments will be strategically located in:

  • North Vancouver
  • City of Vancouver
  • Two locations in Coquitlam

The financial backing for this phase comes through a combined contribution:

  • $226 million from the provincial government
  • Land and cash valued at over $367 million from Metro Vancouver

Addressing a Provincial Challenge

Premier Eby emphasized the urgency of tackling the housing affordability crisis in B.C. He highlighted various existing government initiatives aimed at increasing housing supply, including:

  • Restrictions on short-term rentals
  • Incentives for building rental units near transit lines
  • Allocation of public land for the development of middle-income housing

Looking Forward

The government has further committed to funding a third phase of affordable rental unit construction, starting in 2028. Specific locations for these projects are yet to be announced.

Phase 1 Progress

For reference, Phase 1, with a provincial investment of $158 million, is already underway. A Vancouver project under this phase is expected for completion in 2025, providing 87 affordable rental homes.

Metro Vancouver Housing

The Ministry of Housing identified Metro Vancouver Housing as a crucial partner in this initiative.  As one of B.C.'s largest non-profit housing operators and developers, they currently serve over 10,000 residents through their existing portfolio of 3,400 affordable rental units spread across 49 sites.

Impact on the Market

This multi-phase plan signifies a significant step towards increasing the availability of affordable housing options in Metro Vancouver. While the exact impact on rental prices remains to be seen, it has the potential to bring some relief to renters facing a competitive market with high rents. Coldwell Banker Horizon Realty will continue to monitor developments and provide updates as this plan unfolds.

Stay Informed

Coldwell Banker Horizon Realty remains committed to keeping you informed about the ever-evolving housing landscape in British Columbia. We encourage you to revisit our website for further updates on this initiative and other relevant news.

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