In recent years efforts across the City of Vancouver are being made to not only create new rental housing stock, but also protect its existing stock and the tenancy rights of its residents. With rental housing making up an estimated 50% + of Vancouver households, this is critical.Housing Vancouver Strategy (2018-2027)
Responding to Vancouver’s current housing affordability crisis is the most significant challenge facing the City today – with Vancouver residents facing among the highest housing prices and rents and lowest median incomes among Canada’s large cities. Housing Vancouver (2018-2027) is the City’s vision for ensuring that Vancouver can be a home for people of all incomes and backgrounds, by prioritizing affordable housing and making housing markets work for all people who live and work in the City.
The need for new rental stock, particularly that which is social, supportive, and affordable is critical for several reasons, including for example:
- Vancouver’s rental vacancy rate continues to sit below 1 per cent resulting in renters having limited options when they are looking for rental housing and face substantial competition for a small number of available homes.
- The number of people paying more than 30% of income (the CMHC measure for housing unaffordability) on housing has grown astronomically as cost of living has far outpaced the incomes of many Vancouver residents: over 46,000 renters in Vancouver across the income spectrum are paying over 30 per cent of their income on rent. Out of these households, 15,000 are paying over half their income on rent – 58 per cent of these are headed by individuals aged 20 to 45, 15 per cent are families with children, and a further 14 per cent are seniors over 65.8.
- Much of the existing stock, particularly social and supportive housing such as the Single Resident Occupancy buildings in Vancouver’s Downtown Eastside is old, unsafe, and virtually uninhabitable. This, combined with a growing homeless population makes the need for social and supportive housing that much more critical: The 2017 Metro Vancouver Homeless Count found 2,138 sheltered and unsheltered homeless individuals in Vancouver – a 19 per cent increase over the 2014 Metro Vancouver count, with seniors, youth under the age of 25, and Indigenous residents disproportionately represented in comparison to other populations. An additional 4,000 people are living in private Single Room Occupancy Hotels (SROs), many of them in inadequate conditions.