Mukhtar Latif
Chief Housing Officer
City of VancouverMarch 1st , 2016
UDI Breakfast Seminar -
The Realities of Realizing
Rental Development
Rental Market Dynamics
Affordable Housing is essential for a healthy & vibrant City
Renters are an important part of the City
More than half (51%) of households rent
Vancouver’s Challenge:
Incomes v House Prices
Renting is affordable
• Income of renters is half that of owners (data from 2011 National Housing Survey)
Median Income – Renters vs. Owners
$-
$20,000
$40,000
$60,000
$80,000
Renters Owners
Great demand for rental
housing
Additional 1,200
rental units are
needed each year
Creation of new secured market
rental housing
• 5,145 new units approved since 2010
• Rental housing created primarily
through major rezonings, STIR,
Rental100, Cambie Corridor, and
Community Plan policies
Over 8600 Secured Rental
Housing Approved since 2010
Recently Completed
Under Construction
Approved but not yet Under Construction
Total
Secured
Market
Rental1239 1925 1981 5145
Social
Housing176 870 637 1683
Supportive
Housing1634 101 109 1844
Total 3049 2896 2727 8672
Development status as of Dec. 31st 2015
Combined, Over 12,000 Rental
Housing Units in Development
Secured Market Rental Units 5145Social Housing Units 1683Supportive Housing Units 1844Laneway Houses 1599Basement Suites 1937Total 12,208
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Rental is now a larger share of
housing starts
Source: CMHC Housing Now Reports
New rental supply in Metro
Vancouver
Source: CMHC Housing Now Reports – Average 2005-2014
24% of ALL housing starts in Metro Vancouver are located in the City of Vancouver
52% of RENTAL housing starts in Metro Vancouver are located in the City of Vancouver
and
Of Total Housing starts: 20% in Vancouver are now rental versus 5% prior to 2009
Vancouver is leading the region
in terms of net change in
market rental units
Policies to Protect Rental Stock
Rate of Change Areas(1:1 Rental Replacement & Tenant Relocation Plans Required)
• Create New Rental Housing- Rental Incentive Programs- Inclusionary Housing Policy- Zoning Tools- Community Plans
Vancouver’s Rental Housing
Policies, Regulations, and Tools
Rental 100 Program
Incentives to Improve Rental Project Economics• Density Bonus• DCL Waiver• Parking Relaxation• Concurrent Processing of DE and RZ applications
Long Term Security as Rental Housing • 100% of Residential Units are Rental Housing• Secured for 60 years or Life of the Building
• Housing agreement• No-stratification• No separate sales covenant
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Example of Development Under Existing Zoning vs. Rental 100
Address: 3501 E Hastings
Previous Zoning: C-2C1 (now CD-1)
Site Size: 15,870 sq. ft.
Secured Rental Units: 87
Status: Under Construction
Address: 2891 E Hastings
Current Zoning: C-2C1
Site Size: 15,690 sq. ft.
Strata Residential Units: 52
Status: Built in 2005
• West End, Downtown Eastside & Marpole Community Plans– Approved by Council 2012-2014
– Grandview Woodlands pending
Laneways 2.0 – West End Plan
• 7,000 Social Housing units
• Almost 6,000 Secured Market Rental units
• Improving conditions & replacing SRO rooms
Community Plans – Creating a
30 Year Supply
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Housing Construction Remains
Strong in the City
Many Areas where Rental
Can be Built
Lots of capacity to develop under our current zoning and policies
A home for everyone