udi breakfast seminar - the realities of realizing …...march 1st, 2016 udi breakfast seminar - the...

Mukhtar Latif

Chief Housing Officer

City of VancouverMarch 1st , 2016

UDI Breakfast Seminar -

The Realities of Realizing

Rental Development

Rental Market Dynamics

Affordable Housing is essential for a healthy & vibrant City

Renters are an important part of the City

More than half (51%) of households rent

Vancouver’s Challenge:

Incomes v House Prices

Renting is affordable

• Income of renters is half that of owners (data from 2011 National Housing Survey)

Median Income – Renters vs. Owners

$-

$20,000

$40,000

$60,000

$80,000

Renters Owners

Great demand for rental

housing

Additional 1,200

rental units are

needed each year

Creation of new secured market

rental housing

• 5,145 new units approved since 2010

• Rental housing created primarily

through major rezonings, STIR,

Rental100, Cambie Corridor, and

Community Plan policies

Over 8600 Secured Rental

Housing Approved since 2010

Recently Completed

Under Construction

Approved but not yet Under Construction

Total

Secured

Market

Rental1239 1925 1981 5145

Social

Housing176 870 637 1683

Supportive

Housing1634 101 109 1844

Total 3049 2896 2727 8672

Development status as of Dec. 31st 2015

Combined, Over 12,000 Rental

Housing Units in Development

Secured Market Rental Units 5145Social Housing Units 1683Supportive Housing Units 1844Laneway Houses 1599Basement Suites 1937Total 12,208

10

Rental is now a larger share of

housing starts

Source: CMHC Housing Now Reports

New rental supply in Metro

Vancouver

Source: CMHC Housing Now Reports – Average 2005-2014

24% of ALL housing starts in Metro Vancouver are located in the City of Vancouver

52% of RENTAL housing starts in Metro Vancouver are located in the City of Vancouver

and

Of Total Housing starts: 20% in Vancouver are now rental versus 5% prior to 2009

Vancouver is leading the region

in terms of net change in

market rental units

Policies to Protect Rental Stock

Rate of Change Areas(1:1 Rental Replacement & Tenant Relocation Plans Required)

• Create New Rental Housing- Rental Incentive Programs- Inclusionary Housing Policy- Zoning Tools- Community Plans

Vancouver’s Rental Housing

Policies, Regulations, and Tools

Rental 100 Program

Incentives to Improve Rental Project Economics• Density Bonus• DCL Waiver• Parking Relaxation• Concurrent Processing of DE and RZ applications

Long Term Security as Rental Housing • 100% of Residential Units are Rental Housing• Secured for 60 years or Life of the Building

• Housing agreement• No-stratification• No separate sales covenant

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Example of Development Under Existing Zoning vs. Rental 100

Address: 3501 E Hastings

Previous Zoning: C-2C1 (now CD-1)

Site Size: 15,870 sq. ft.

Secured Rental Units: 87

Status: Under Construction

Address: 2891 E Hastings

Current Zoning: C-2C1

Site Size: 15,690 sq. ft.

Strata Residential Units: 52

Status: Built in 2005

• West End, Downtown Eastside & Marpole Community Plans– Approved by Council 2012-2014

– Grandview Woodlands pending

Laneways 2.0 – West End Plan

• 7,000 Social Housing units

• Almost 6,000 Secured Market Rental units

• Improving conditions & replacing SRO rooms

Community Plans – Creating a

30 Year Supply

17

Housing Construction Remains

Strong in the City

Many Areas where Rental

Can be Built

Lots of capacity to develop under our current zoning and policies

A home for everyone