Vancouver’s Ambitious Housing Targets: A Step Towards a Sustainable Future

Source: Storeys

Overview

The City of Vancouver is updating its housing supply targets and introducing a 3-Year Housing Action Plan in response to provincial directives. The revised targets aim to address population growth, housing needs, and new provincial requirements.

Updated Housing Targets

The new 10-year target, spanning from 2024 to 2033, proposes 83,000 new homes, a 15% increase over the previous 2017 target of 72,000 homes. This comprehensive plan includes specific sub-targets:

• 30,000 Purpose-Built Market Rental Units
• 26,500 Strata Condominium Units
• 8,500 Non-Profit Social Housing/Co-op Units
• 7,000 Townhouses, Duplexes, and Multiplexes
• 5,500 Purpose-Built Below-Market Units
• 4,000 Laneway Homes
• 1,500 Supportive Housing Units

Focus on Rental Units

The City aims for 61,600 rental units (75% of the total target), including secondary rental units. Of these, 15,500 units are targeted to be below-market units, encompassing supportive, non-profit, and co-op housing.

Family-Size and Low-Density Units

• 33,400 Family-Size Units (40%)
• 11,000 Low-Density Units (13%)

Comparison with Provincial Targets

The Province has set a five-year Housing Target Order (HTO) of 28,900 units, based on completions. The City’s targets, based on approvals, must exceed provincial numbers to account for potential non-completions.

Challenges and Strategic Responses

City staff highlight the difficulty of meeting the full need for moderate- and low-income housing due to rising costs and higher interest rates. The City plans to deliver 10,000 social and supportive housing units and 5,500 below-market rental units over the next decade.

Three-Bedroom Units

The City acknowledges it cannot meet the provincial recommendation of 22% for three-bedroom units, aiming instead for 14% due to economic constraints and development trends.

3-Year Housing Action Plan

The plan, comprised of 50 actions, leverages the City’s regulatory, investment, and partnership roles. It focuses on three principles: reconciliation, equity, and resilience, and addresses seven key policy areas:

1. Housing Need

• Seniors housing strategy
• Housing targets on City-owned land
• Enabling more student housing

1. Geographic Equity

• Simplifying apartment district schedules
• Introducing a city-wide development guide
• Implementing 25 village areas from the Vancouver Plan

1. Addressing Homelessness

• SRO Intergovernmental Investment Strategy
• Expanding shelter capacity
• Delivering more supportive housing with senior governments

1. Community Housing

• Proactive zoning for social and co-operative housing
• Supporting non-profit building acquisitions
• Advancing projects on City-owned land

1. Indigenous Housing

• Progressing Jericho Lands project
• Implementing UNDRIP Strategy actions
• Initiating new projects on City-owned sites

1. Rental Housing

• Streamlining delivery with pre-approved plans
• Retrofitting existing buildings
• Expanding tenant protections

1. Speculation

• Regulating short-term rentals
• Monitoring Empty Homes Tax effectiveness
• Limiting land speculation through Development Contribution Expectations Policy

Council Consideration

The Council will review the updated Housing Vancouver Strategy 10-year targets, the 3-Year Action Plan, and a proposed Rental Housing on City-land – Public Benefits Pilot Rezoning Policy, which aims to reduce reliance on community amenity contributions (CACs) by exempting five rezoning applications if they provide non-tax revenue to the City.

For more information, visit the official City of Vancouver website or contact the housing department.

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