The federal government announced a significant investment in affordable housing in Vancouver today in partnership with the municipal government.
- Construction begins on 145 new affordable homes in Mount Pleasant
- A $150,000 income is not enough for a home in Vancouver: report
- New government controls could affect Vancouver’s rental housing supply: report
- Only Vancouver’s top 2.5% income earners can afford a home: report
Up to 1,100 units across nine projects will be constructed on city-owned lots, with the units to be built as temporary modular housing, mixed-market rental homes, and housing co-operatives.
Through Canada Mortgage and Housing Corporation, the federal government is committing $184 million towards the cost of building these projects, while the City of Vancouver is providing a $97 million contribution by providing nominal leases on city-owned land, grants, and development cost levy waivers.
“I want to personally thank Prime Minister Trudeau and Minister Duclos for partnering with the City of Vancouver to deliver the housing we need,” said Vancouver mayor Kennedy Stewart in a statement.
“The combined funding in today’s announcement represents an incredible quarter billion-dollar investment in building a Vancouver that works for everyone. I look forward to similar future announcements to further address homelessness and secure the future of existing cooperative housing in the city.”
The first project to receive funds from this program is Pierview Homes — a 140-unit co-operative development on city-owned land in the River District of southeast Vancouver. It is already under construction and set to open in 2020.
Here is the full list of projects under this program, which is being funded by the National Housing Strategy:
- 1001 Kingsway
- 1210 Seymour Street & 560 Davie Street
- 177 West Pender Street
- 3310 Marine Way
- 3279-3297 Vanness Avenue
- 1190 Burrard Street & 937 Davie Street
- 3183 & 3245 Pierview Crescent (Pierview Homes)
- 288 East Hastings (The Anjok)
- 2305-2355 Vanness Avenue (proposed temporary modular housing)
Four of the projects are located within the downtown peninsula and Downtown Eastside, while three locations are in East Vancouver and the remaining two are in the River District of southeast Vancouver.
This includes the redevelopment of the city-owned property at the southwest corner of the intersection of Davie Street and Seymour Street, just across from Emery Barnes Park, which is currently occupied by single-storey retail buildings.
The announcement comes ahead of the fall federal election and amidst worsening housing affordability and rental supply in the city. A number of affordable housing-related investments were also announced in other Canadian cities this week.