The document outlines several challenges to housing affordability and availability in Vancouver: 1) Creating enough new rental units each year to meet growing demand, which is estimated to be 1,500 additional units per year. 2) Keeping pace with high rental demand to limit upward pressure on rental rates and maintain vacancies. 3) Incentivizing private developers to build new secure long-term rental apartments. 4) Developing affordable rental options for lower-income families given limited government funding for social housing.

1. Challenges to Housing A Home For
Affordability Everyone

2. Vancouver: A Desirable City…
Globally, Vancouver is a highly
desirable city – green, clean, safe,
with a robust economy and an array
of recreational and cultural pursuits.
The demand for housing in
Vancouver has increased housing
prices.

3. …With Limited Housing Options
Incomes ranging from
between $73,000 and
$137,000 are now required
to purchase a condo in the
City.
To purchase single family
homes, even higher
incomes are required.

4. Facing the Challenges
The City recognizes affordability impacts the ability for the homeless and people
with low-incomes as well as people with more moderate incomes to find a home
in Vancouver.
The Mayor’s Task Force on Housing Affordability is seeking innovative new
ways to create more housing options for these residents with lower and moderate
incomes — household incomes between $21,500 and $86,500.
The City of Vancouver’s Housing and Homelessness Strategy will continue to
seek solutions for ending homelessness and lower income residents who will not
find housing in the housing market as well as secure rental housing and
homeownership initiatives for more moderate incomes.

5. Challenge: 1,500 More Rental Units per Year
More than 131,000 Vancouver households rent.
Vancouverites are renting for longer periods of time
– young households are continuing to rent for
longer and may consider renting long-term as they
remain outpriced from the homeownership market.
Renting a two-bedroom in a market rental
apartment building remains the most affordable
option for students and young families compared to
owning or renting a condo.
Demand forecasts show a need for many as
15,000 additional rental units by 2021 to
accommodate these growing trends.
The challenge is: What does
it take to create up to 1,500
rental units in Vancouver each
year?

6. Challenge: Keeping Pace with Rental Demand
A growing city with more people renting longer
will result in a higher demand for rental housing.
High demand for rental accommodation results
in fewer vacancies, which in turn puts upward
pressure on the cost of renting.
The cost of renting continues to grow close to
the rate of inflation in Vancouver, impacting
those with fixed and lower incomes such as
seniors, students and people with disabilities.
The challenge is: How can
we keep pace with demand
to ensure there is limited
upward pressure on rental
rates?

7. Challenge: Long-term Rental Security
Almost 30,000 secure market rental units
were created in the 1960s, declining
every decade to a low of 6,000 in the
2000s.
High land costs and competition with
condo developers make secure market
rental housing unfeasible.
Most new rental housing has been
secondary suites (typically affordable
rents) and rented condo apartments (less The challenge is: What
security of tenure). incentives are needed for
private developers and
investors to commit to
building new secure market
rental apartments?

8. Challenge: Affordable Rental for
Lower-Income Families
Very little non-market rental housing for
lower and moderate income families
has been built in recent decades due to
limited senior government funding.
Increasingly, the City, non-profit and
private sector are partnering to provide
social housing. Projects are challenging
due to the absence of senior
government funding and take several
years to complete.
The challenge is: How can the
City and its partners meet the
housing needs of lower
income singles, couples and
families?

9. Challenge: Price Increase Faster Than Income
Vancouver consistently ranks as
having the highest housing prices
among Canadian cities.
Since the 1970’s, real household
incomes increased by 9% while house
prices increased by as much as 280%
for an eastside condo.
There is also the risk that interest rates
may rise, making mortgages more
expensive.
The challenge is: How do we
encourage a range of housing
types for ownership – smaller,
smarter units, shared equity, and
other innovative approaches?

10. 1,500 more Keeping Long-term
rental units pace with rental
every year demand security
Facing the challenges: Ready, Set, Solve
Affordable
Prices
rental for
increase
lower
faster than
income
incomes
families

11. Find out more
vancouver.ca/housing