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Here’s A Summary of Vancouver’s New Housing Strategy For The Next 10 Years.

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Here’s A Summary of Vancouver’s New Housing Strategy For The Next 10 Years.

Vancouver is ranked as one the most unaffordable cities in the world in terms of owning a home, and has a vacancy rate for rental units of under 1%.

After a year of studies and consultations, The City of Vancouver is proposing sweeping changes in a new 10-year housing strategy just released. It’s a plan aimed at building 72,000 new homes and keeping a lid on speculation.

According to Gil Kelley, the city’s general manager of planning, the new housing strategy includes “big moves” that haven’t been done before in Vancouver.

The strategy is accompanied by a 3-year action plan with 120 actions aimed to “create more liveable and affordable housing for Vancouver residents.”

The strategy to be adopted is very comprehensive covering everything from:
An attempt to eradicate homelessness.
How to tame real estate speculation – measures to “limit the commodification of housing and land for speculative investment.”
Improving the amount of rental and affordable housing in the city.
Address the supply and demand issues facing the city.

Of particular interest is the city’s proposal for the transformation of low-density neighborhoods,” which would open up single-family house zones to other housing options such as townhouses and row houses.

Traditionally affluent areas such as Kerrisdale, Dunbar and Arbutus Ridge would be targeted.

Home affordability has been a major issues and the new strategy includes setting home production goals based on income levels. Kelley told reporters “The underpinning here, philosophically, is to make sure that Vancouver remains a place for all people, all incomes. So we’re actually meeting the needs of Vancouverites, not only for investors. That’s a big shift.”

Plans are also underway to investigate what Australia and New Zealand have done to limit new home sales and resales to local buyers.

Everyone on our team of real estate professionals has years of expertise and first-hand knowledge working with homeowners to help them achieve their dreams, whatever the season or style of home. For more information, please call us on 604 913 1000 or 604 695 1000, or email us.

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