More moderate income rental homes coming to Vancouver
Vancouver Council has approved an additional three projects under its Moderate Income Rental Pilot Program (MIRHPP), which will provide more than 50 new below-market homes for individuals, couples and families including:
- 14 studio apartments renting at an average of $950 per month
- 16 one-bedroom apartments renting at an average of $1,200 per month
- 15 two-bedroom apartments renting at an average of $1,600 per month
- 11 three-bedroom apartments renting at an average of $2,000 per month
On January 21, Council approved a project located at 1956-1990 Stainsbury Avenue that will provide 80 new rental homes with 13 secured at below market rents. This five-storey building will be within walking distance to amenities including parks, schools, shops and community centers, supporting the City’s response to the climate emergency.
An additional two projects located at 3600 and 3680 East Hastings Street were approved today. Combined these two projects will provide 212 new rental homes with 43 secured at below market rents. Both projects will have commercial space at street level, providing easy access to shops and services. Residents will also benefit from close proximity to Translink’s RapidBus, which connects SFU to Burrard Station.
Moderate income rental housing is privately-owned, purpose-built rental housing that is permanently secured and made available to households earning $30,000 to $80,000 per year. To ensure these homes remain affordable over time, the rent cannot be increased by more than the maximum annual allowable 2 per cent rate year to year, and cannot be increased when a new household moves in.