Vancouver has housing stock in hopper

first_imgThings are looking brighter in Vancouver when it comes to affordable housing, but only just.The county vacancy rate is 3.9 percent, the median rent has increased 47 percent since December 2015 and families need to make at least $53,200 to afford a two-bedroom unit.But it seems the city’s multifaceted plan to tackle affordable housing and homelessness is on the precipice of working, according to an update presented to the City Council on Monday.“Now we’re coming into more good news,” said Peggy Sheehan, the city’s community development program manager. “We have lots of units in the pipeline.”There are 4,319 units in some form of consideration in Vancouver, meaning developers have paid at least the initial fee to have their project reviewed by city staff. That means they have paid money for the city to look at their project. Of those, 455 are income-restricted. Sheehan said the low-income housing projects are all either under construction or in the final permitting process.The most significant solution to make an impact on affordable housing was Proposition 1, approved by voters in November 2016 to create a funding source for affordable housing projects and preventing homelessness. The Affordable Housing Fund generates $6 million annually for related projects through 2023. The fund has already allocated $4 million to help pay for seven housing projects and will soon allocate its first round of homeless prevention funding.last_img read more