Creating and protecting market rental housing
Rental housing is important to meet the needs of a diverse population and is vital to a healthy economy. It also allows moderate-income households to stay in the City because household incomes of renters are typically half that of owners.
Vancouver has the tightest rental market and one of the lowest vacancy rates in Canada, which over the last three years has averaged 0.9 per cent.
With a growing population, limited increases in income, and a limited supply of new, purpose-built rental housing in recent decades, the need for rental housing has grown significantly.