VANCOUVER WAS ORDERED TO BUILD 1,405 AFFORDABLE RENTALS OVER THE PAST YEAR. ONLY 313 WERE COMPLETED
Vancouver fell short of meeting the province’s housing targets for the last year, mostly due to a failure to meet the goal for affordable rentals, according to a report coming to city council.
B.C. passed the Housing Supply Act last September, giving the province the authority to set a minimum number of net new units to be completed by municipalities over a five-year period.
In Vancouver, the target set for the first year, from Oct. 1, 2023 to Sept. 30, 2024, was 5,202 units. In that time, the city created 4,143 – a shortfall of 1,059 or just over 20 per cent.
“We note a decline in completions over the last two years from 2022 to 2024, consistent with the overall trend in the region and with lower levels of housing starts during the COVID pandemic and its immediate aftermath,” a report from city staff says.
“Despite lower than anticipated completions, there is an unprecedented volume of projects instream, with enough capacity in our current development pipeline to meet the province’s overall completions target over the five-year time frame.”
A breakdown of new units in Vancouver by housing type shows the city exceeded its target of 1,457 “owned” units, with 1,525 completions. The city narrowly missed its overall target for new rentals, completing 2,305 of 2,341 – a shortfall of three dozen.
A total of 313 units of affordable rental housing were added in the city, falling far short of the target of 1,405.
The legislation defines affordable units based on annual household income levels determined by B.C. Housing. It varies by unit type, set at $58,000 for a “one-bedroom or less,” $72,000 for a two-bedroom, $86,000 for a three bedroom, and $107,500 for four bedrooms or more.
“It is important to note that funding for affordable housing is primarily the responsibility of the provincial and federal governments. Without senior government partnerships, low-cost financing and funding contributions, the city alone will not be able to achieve the provincial housing targets and affordability level,” the report says.
When cities do not meet the legislated targets, the province has the power to step in by appointing an advisor to make recommendations on how to meet or revise the targets, and by directing a city to approve specific building permits or change bylaws.
The report comes to council Tuesday.
Story by: CTV News
