Photo: Francois Boucher/Flickr
Over the next decade, the City of Vancouver is aiming to build 72,000 housing units as part of its 10-year plan to combat the city’s severe housing affordability issues.
On Thursday, the City released its housing strategy proposal which outlines key objectives to address lack of housing supply and skyrocketing prices in the city.
Before the plan can be put into action, the proposal will be presented to city council on Tuesday, November 28th for approval.
Over the past year, the City met with stakeholders, spoke with local and global housing leaders and consulted with residents to form the foundation of the housing strategy.
One of the key points highlighted in the plan is the need to shift toward the right supply, which includes rental, social and supportive housing.
With this in mind, the City developed 10-year housing targets that define the type and amount of housing units it will construct from 2018 to 2027.
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RBC Senior Economist Robert Hogue agrees that changing gears to create more supply, especially with a focus on rental housing, is a step in the right direction.
According to Hogue, in expensive cities like Toronto and Vancouver, there are more opportunities on the rental side to create affordable housing options.
The targets reflect core objectives outlined by the City, including the need to retain diversity of incomes, housing that meets the greatest need and ambitious targets for very low-income households.
As the end goal is to improve affordability in the city, Hogue says more supply on the market should put less upward pressure on prices.
"If you're able to boost your supply sufficiently to meet your demand, you should be able to better control prices,” says Hogue.
Here are 10 key points from the City’s housing targets for the next 10 years: