Short-Term Incentives for Rental program
Vision Vancouver made a campaign promise to get new rental housing built in
Vancouver. Over 50% of our City rents, we have one of the lowest vacancy rates in the country, and the rental housing that we do have is aging and in decline.
Today, Vision made good on its promise. A new 106-unit rental building – the first in three years – is now under construction at 1142 Granville. It’s part of Council’s Short-Term Incentives for Rental program.
At ten storeys, this building is just 2 feet higher than the current zoning. Rents are estimated to be between $950-$1000 a month – in comparison to the downtown monthly average of $1,090. It will be built to LEED Silver environmental standards, and the rental units are for the life of the building.
With the first STIR project breaking ground, we’re now getting new rental housing that that we need for our city. It’s just a start, but it is a positive step.
Vancouver’s lack of affordability impacts people throughout Vancouver. Our goal is to keep delivering results across the housing spectrum.
Getting new social housing built. Opening new shelters. Getting tough on SRO hotels that violate building standards, and making it safer for people to live in them. Approving laneway housing and expanding secondary suite options, so people can live in the neighbourhoods they grew up in. And making it possible to build new rental apartments in Vancouver.
Affordability is a big challenge in our city, and we’re going to keep doing everything we can to provide new ways for people of all incomes to live and work in Vancouver.