New affordable rental homes approved on West 42nd Ave

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April 16, 2021

Quick facts
325-341 West 42nd Avenue:

  • 🏘 Affordable: 215 purpose-built rentals with 40 homes starting at $950 per month
  • 🚈 Sustainable: Low-emissions certified · 16 minutes to Downtown, 35 minutes to UBC
  • 🌳 Livable: Good schools and good jobs · 10 minutes to Queen Elizabeth Park

Vancouver City Council approved the construction of 215 new rental apartments in the Oakridge neighbourhood. 40 of those units will be secured below-market rentals starting at $950 a month.

That’s 215 rentals for families, seniors, and middle-income workers, located in a growing town centre near rapid transit, good schools, and good jobs. 35% of apartments will have two or more bedrooms. These are much-needed homes for Vancouver’s teachers and nurses, grocery clerks and retail workers, engineers and artists.

In order to build a Vancouver that works for everyone, we need to build homes that more people can afford – especially rental homes like these. This is exactly the kind of housing middle-income households need, folks like care-aids, restaurant workers, and tradespeople.

This project is yet another milestone toward Mayor Stewart’s goals for a more livable, sustainable Vancouver. While this development is encouraging, we know progress is not meeting the scale of the problem.

In 2018, Mayor Kennedy Stewart promised to build 25,000 new rental apartments in Vancouver over the next ten years. And by September 2020, we approved nearly 5,000 purpose-built rentals, with one in three targeting working-class and middle-income affordability. Updated numbers will be released soon, and Kennedy cannot wait to share our progress with you.

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