Vancouver adds 35 more rental homes to the west side, including below market homes for city renters
Building a city that works for everyone means supporting projects like these with homes guaranteed for people like nurses, retail workers, and seniors.
Mayor Kennedy Stewart
Today, Vancouver Council approved eight moderate income rental homes under the City’s Moderate Income Rental Pilot Program (MIRHPP), as part of a new, six-storey rental building at 3084 W 4th Avenue (and Balaclava).
The building contains a total of 35 rental units, including eight moderate income units (20% of the residential area) for households with annual incomes of approximately $30,000 to $80,000. All 35 units are secured as rental housing for 60 years or the life of the building.
This is the eleventh MIRHPP project approved by Council, bringing the total number of units approved under the pilot program for moderate income households to 272, plus an additional 1,061 secured market rental units.
Increasing housing options and jobs
These new market and below-market rental homes will increase housing options in a neighbourhood where half of the residents are renters and the vacancy rate has historically been below 1%. A vacancy rate of 3 to 5% is generally considered to indicate a balanced rental market.
Construction of the project is expected generate approximately 122 off-site and on-site jobs, supporting the City’s goal of simulating Vancouver’s economy while meeting urgent housing needs. City staff and the proponent will continue to refine the design as the project moves forward through the development permit process.
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MIRHPP is a limited pilot program that enables up to 20 rezonings for new buildings that provide 100% of the residential floor area as secured market rental housing, with a minimum of 20% permanently secured for moderate income households. The MIRHPP was approved by City Council in November 2017 along with the Housing Vancouver Strategy.
Under the pilot program, moderate income starting rents are set at a maximum average of $950 per month for studios, $1,200 for one-bedroom apartments, $1,600 for two bedrooms, and $2,000 for three bedrooms. As reported by the CMHC in 2020, the average market rents in Kitsilano were $1,261 per month for studios, $1,553 for one-bedroom apartments, $2,231 for two bedrooms and $3,079 for three bedrooms.
For more information, visit: www.vancouver.ca/rentalhousing.
Housing and economy quick facts
- Just over half (53%) of all Vancouver households rent their homes, and 40% of all renter households have annual incomes of between $30,000 and $80,000
- 1/3 of Vancouver renter households (approximately 52,000 renter households) spend over 30% of their income on rent. Of these, over 80% earn less than $50,000 per year
- Over 90,000 renter households across BC have applied for the Temporary Rental Supplement
- Across BC the property development industry was estimated to employ 233,600 people in direct and indirect positions.
Mayor Kennedy Stewart
“Building a city that works for everyone means supporting projects like these with homes guaranteed for people like nurses, retail workers, and seniors,” said Mayor Kennedy Stewart. “After years of being squeezed out, I can't wait to see more middle-income renters return to Kitsilano thanks to these homes.”
Gil Kelley, General Manager of Planning, Urban Design and Sustainability
“Adaptive change is needed across the city to address the shortage of housing for renters and support our economy. Innovative programs like MIRHPP that bring more affordable, secure rental options to all areas of Vancouver are a key element in supporting this change, as we try to meet the needs of our residents and the city’s growth,” said Gil Kelley, General Manager of Planning, Urban Design and Sustainability.