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Year end statistics from 2013 show that Vancouver Rental Housing is among the lowest in Canada for the past decade.

“Another record year for new rental housing shows that Vancouver is on the right track in our support for renters, and that our rental incentive programs are delivering results,” said Mayor Gregor Robertson. “City Hall remains focused on enabling new rental housing to help people who can’t afford to buy in Vancouver, particularly seniors, students, and young families.”

Those year end stats showed that Vancouver City Council approved more than 1000 new rental suites in 2013 to be constructed in the following year. This is higher than the 2012 approval of 1021 units and zero units in past years. The city has launched a program later in the last decade to increase rental housing incentives, such as: reduced parking required, expedited permits and more.

It is unfortunate that we live in a city with living costs higher than most and yet rental suites are almost non-existent. If more rental suites are created it will either lower the demand for rental suites, averaging the price OR it will help increase the population of the lower mainland.

According to the CMHC the monthly cost of a rental purpose suites as opposed to condos that are rented is 37% cheaper.

“Making housing more affordable means residents and families can live closer to where they work, which reduces commuter congestion, helps attract world-class talent, and strengthens the economy and livability of our city,” added the Mayor. “There’s a lot more work to do, but we’re committed to building a Vancouver that is affordable for residents of all ages and backgrounds.”

This also goes hand in hand with laneway housing that is ever increasing for City Approvers. Laneway housing must be rental oriented and cannot be sold. To sell a portion of your land you must go through other means of splitting your property and a lot more money and paperwork. This type of housing is a great way of increasing density of the city without losing appeal or ruining the neighbourhood feelings. A lot of people feel that laneway homes are ruining their communities but they are no worse than tearing down a wartime 1200 sqft bungalow and replacing it with a 3 storey 4000 sqft mansion.

 

More than 52% of Vancouver are rental households.

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