Project to create more than 140 new affordable homes breaks ground
Mount Pleasant development will provide affordable housing options for families
"Housing affordability is our number one priority and this new building will provide affordable homes for hundreds of people in Vancouver."
Mayor Kennedy Stewart
The City, through a partnership between Vancouver Affordable Housing Agency (VAHA) and Catalyst Community Developments Society, officially broke ground today on 145 new affordable homes.
Affordable housing in Mount Pleasant
Located at 188 E 6th Ave, half of the homes in the new building are suitable for families, with 43 two-bedroom apartments and 30 three-bedroom apartments.
"Housing affordability is our number one priority and this new building will provide affordable homes for hundreds of people in Vancouver," said Mayor Kennedy Stewart.
"This development in Mount Pleasant will ensure Vancouver's residents, especially families, can stay living and working in the city. We are grateful for our partnership with Catalyst Community Developments Society and know that working with non-profit developers is the best way to build homes for lower- and middle-income households."
"Catalyst is very excited about reaching an important milestone in this highly impactful project," said Robin Petri, VP Development, Catalyst Community Developments Society.
"Through this project, we will be delivering critically-needed below market rental housing to families and individuals living and working in Vancouver. We know, from experience, that residents who have a home offering long-term stability and at a rent that is affordable to their income often see a significant and wide-ranging improvement in their quality of life. Thank you to the City and our partners for making a huge contribution towards making this happen."
Rent below market
On average, rents within the building will be a minimum of 20 percent below market:
- One-third of the homes will rent at BC Housing's Housing Income Limits (96 KB), meaning maximum rent for a studio will be just over $1,000/month and low-income tenants will pay approximately 30 percent of their gross income on rent
- The remaining two-thirds will rent at rents at a minimum of 10 percent below the current market rate
About the homes
The 145 new homes will include:
- 29 studios
- 43 one-bedroom apartments
- 43 two-bedroom apartments
- 30 three-bedroom apartments
This milestone brings the City one step closer to its goal of delivering 12,000 affordable social, supportive, and non-profit co-operative homes as part of its 10-year Housing Vancouver Strategy.
Through a partnership facilitated by VAHA, the building will be owned and operated by the Catalyst Community Developments Society , a BC-based not-for-profit real estate developer, and is expected to ready for occupancy in spring 2021.