Below-market rental optimization
Below-market housing is rental housing that is more affordable than market rental housing and is delivered by the private market in exchange for an increase in density. This program is intended to meet the housing needs of the 40% of Vancouver renter households who do not qualify for social housing but struggle to afford full market rents.
In October 2023, Council approved changes to standardize our below-market rental policies.
The approved changes focus on standardizing our approach to setting the below-market rental rates at initial occupancy and at unit turnover (when a new tenant moves in). The changes will guarantee that the rents charged will remain at a fixed percentage below market.
- The primary goals of these updates are to:
- Contribute to the financial viability of below-market rental projects
- Streamline the process of developing below-market rental homes
- Increase the number of below-market rental homes built
These changes will not impact existing tenants currently living in below-market rental homes, or existing tenants who have been offered right-of-first-refusal to come back to a new below-market rental building.
Public input
We hosted public information sessions in-person on July 11 and 12, 2023 and online on July 13, 2023 where participants learned more about these proposed changes.
This proposal was approved by Council on Wednesday, October 4, 2023.
Background
This initiative is part of the implementation of the Housing Vancouver Strategy (2018 to 2027) which is our strategy to ensure that Vancouver can be a home for people of all incomes and backgrounds. Housing Vancouver includes an overall target of 72,000 new homes over the next 10 years, including 4,000 below-market rental homes, to better reflect the income and housing diversity needs in the city.
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Green building requirements for new 4-6 storey apartments moving to the Building By-law
In May 2022, Council approved amendments to the Vancouver Building By-law, effective July 1, 2023, to reduce the carbon emissions limits for new 4-6 storey residential buildings. These changes will make the green building requirements, contained in the Secured Rental Policy and C-2 zoning regulations for residential rental tenure developments, unnecessary. In January 2023, Council approved amendments to remove these changes, effective March 15, 2023.
As approved by Council, in-stream rezoning and development permit applications submitted prior to March 15, 2023, are expected to continue to comply with the policy and zoning requirements that applied at the time of application.
Get more information
For in-stream development permit applications for rental tenure projects in C-2 submitted before March 15, 2023, review for reference:
Minor eligibility change for the Secured Rental Policy in the Rupert and Renfrew Station area
On March 29, 2022, Council approved Terms of Reference and associated interim policies for the Rupert and Renfrew Station Area Planning program, including an Interim Rezoning Policy (IRP), which limits the types of rezoning applications that may be supported in the study area while the planning process is underway. The IRP allows for applications under the Secured Rental Policy to continue to be considered, except on two blocks within the Still Creek floodplain. All new opportunities for rezoning within the floodplain have been suspended under the IRP.
Minor consequential amendments to the Secured Rental Policy eligibility map were also approved to ensure consistency with the IRP. The updated map can be found on page 13 of the Secured Rental Policy and page 3 of the Rezoning Guide.
Streamlining Rental Housing approved by Council
On December 14, 2021, Council approved policy and zoning changes that will create more complete, connected, and walkable neighbourhoods in Vancouver by speeding up the delivery of rental housing in local shopping areas and nearby low-density areas:
- Changes to C-2 zoning to allow new six storey rental buildings through the same process as new four storey condo buildings (without rezoning)
- Changes to policy for rezoning in low-density areas (RS or RT zones) to simplify the process by standardizing regulations through new rental zones, focusing on areas within walking distance of public transportation, shopping, and other daily needs
These changes take action on key directions identified by the Secured Rental Policy, which was approved by Council in November 2019, following a comprehensive review of our previous rental incentive programs.
For more information, see the materials below:
Rental Housing Stock Official Development Plan
In April 2021, Council approved updates to extend rental replacement requirements under the Rental Housing Stock Official Development Plan PDF file (408 KB) to cover C2 commercial areas.
Learn what this means for tenants and developers
