VANCOUVER – The City of Vancouver has announced a new goal of approving 83,000 new homes in the next decade, a 15 per cent increase from previous targets.
The updated 10-year Housing Targets and new Three-year Action Plan adopted by city council, will advance the implementation of the Vancouver Plan, Housing Vancouver Strategy and changes in provincial legislation, while meeting the Provincial Housing Target Order, expediting permitting processes and delivering more housing, a release said.
The updated 10-Year Housing Targets will continue shifting housing developments including 74 per cent new homes serving renter households, 15,500 new homes below market rate, including 8,500 social housing units and 1,500 supportive housing units, as well as 5,500 below-market rental units delivered by the private market.
Forty per cent of the new homes will be suitable for families, with an emphasis on increasing low-density, ground-oriented ownership options, the release added.
The new Three-year Action Plan (2024-2026) will implement over 50 actions across seven key topics, including creating Vancouver’s first city-wide Official Development Plan to guide future growth, increasing density around transit stations, new district schedules to streamline the delivery of low- and high-rise apartment buildings and development of social, supportive and co-op housing on city-owned sites.
The plan will also launch a pilot program for middle-income rental housing on select city-owned sites and the City of Vancouver will partner with the Province of British Columbia and the Canada Mortgage and Housing Corporation to “renew or replace single-room-occupancy buildings with dignified, self-contained social and supportive units.”
More information about Vancouver’s new 10-year Housing Targets and new Three-year Action Plan is available here.
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