Short Term Incentives for Rental Housing (STIR)
Did you know that 52 per cent of Vancouver households are renters? Or that only about 6 per cent of new market development since 2004 has been for rental housing? This has resulted in a very tight market for rental housing. The Short Term Incentives for Rental Housing (STIR) program is a time limited (2.5 year) program that responds to the market rental shortage by providing incentives to encourage the development of new market rental housing. The STIR program is an opportunity to increase rental housing supply during the current economic downturn, while supporting the development industry to maintain jobs and invest in the City's economy.
The Opportunity
In response to a strong demand for more rental housing and a development industry that wants to create it, the Short-Term Incentives for Rental (STIR) program, under a simple stream, will encourage projects where up to 100% of new multi-residential rental housing units are secured for the life of the building or 60 years, whichever is greater. The STIR program also provides a negotiated stream where terms are agreed to in exchange for secured rental housing units in mixed tenure or use projects.
The STIR incentive package includes:
- Rental property assessment (on rental units only)
- Development Cost Levy waiver (on rental units only)
- Parking requirement reductions (on rental units only)
- Discretion on unit size
- Increased density, and
- Expedited permit processing
The Benefits
Through this incentive program, the City will provide leadership in difficult economic times to encourage continued development activity. The City incentives allow the private sector to develop new rental housing stock in the short-term to assist with housing affordability. STIR will be implemented quickly, expand the supply of new rental housing stock, and provide valuable input into the City's longer term Rental Housing Strategy.
Background
In March 2009, staff was asked by Council to report back on ways to immediately increase the rental housing supply. A roundtable discussion was held in April 2009. Council considered and adopted the recommendations of the staff report for the Short Term Incentives for Rental (STIR) program on June 18, 2009.
Need more information?
Find out more about the STIR program or send a Letter of Enquiry:
- Frequently Ask Questions
(121kb) Posted May 13, 2010 - Program Highlights - January 20, 2010 (18kb)
- Short term Incentives for Rental (STIR) Mayor's Roundtable (162kb)
- Administrative Report dated June 2, 2009 (534kb)
- Council Meeting Minutes - June 18, 2009 (90kb)
- Letter of Enquiry (13kb)
- Project Fact Sheet (406kb)
For enquiries, please contact:
Doug Robinson
Manager - Facilitation Group, Development Services
Tel: 604.871.6092
Email: doug.robinson@vancouver.ca
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