Vancouver on track to exceed 2020 rental and social housing targets
Despite COVID-19, Mayor Kennedy Stewart says Vancouver is on track to exceed 2020 rental and social housing targets, with nearly 5,000 new homes approved as of September.
Vancouver, BC; December 16, 2020 – Mayor Kennedy Stewart says the latest Housing Vancouver report shows the City is on track to exceed key housing targets with nearly 5,000 new homes approved as of September this year, and especially strong performance in social and supportive housing.
“Despite the challenges of COVID-19, we continue to approve much needed new housing, especially the purpose built rental and social and supportive housing we need to drive rents down, said Mayor Stewart. “These homes will not only help keep more of our friends and loved ones here in Vancouver, it will also help to jumpstart our economy as we head into 2021.”
The third quarter numbers also show that the Moderate Income Rental Housing Pilot Program (MIRHPP) is responsible for 70% of new purpose built rentals approved in 2020, on track to deliver 886 homes - including 178 targeted to households making less than $80,000 a year.
“By working hard to turn around our housing market and deliver the right supply of homes more people can afford, we’re helping to build a Vancouver that works for everyone,” said Mayor Stewart.
Mayor Stewart noted that while official Q4 numbers weren’t available yet, the busy public hearing schedule that closed out 2020 should help Vancouver exceed yearly targets in key areas.
“2020 has been a great year for housing in our city, with City Councillors and our dedicated staff working overtime down the stretch to approve dozens more projects in Q4 that will deliver hundreds of additional purpose built rental and social and supportive housing,” said Mayor Stewart. “But much more needs to be done to make sure everyone – especially our most vulnerable neighbours – has the housing they need. And I plan to make sure we hit the ground running in 2021.”
The new Housing Vancouver Progress Report Dashboard for 2020 Q3 can be found here. Official full year 2020 numbers are expected in early 2021.