Vancouver to build 400 new affordable homes to stem housing 'crisis'

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The City of Vancouver plans to build 400 new affordable homes — from SROS to three-bedroom family units — in four city-owned lots, in a bid to help stem the  housing “crisis” gripping the city.

Mayor Gregor Robertson said the sites, worth $50 million, are the first four of 20 sites offered to senior levels of government to construct affordable homes.

“Finding quality, affordable rental homes in Vancouver — especially for people on low and average incomes — remains a significant challenge as the vacancy rate hovers near zero,” Robertson said in announcing the new units. “At City Hall we’ll keep doing everything we can to tackle our housing affordability crisis head on, and pursue all options and tools available to build more rental housing.”

Robertson noted the city is moving ahead with the projects after securing development partners, but still requires funding contributions from the provincial and federal governments to keep prices affordable.

The final number of homes on each site is subject to approval through the development and rezoning process.

The sites include:

• 177 West Pender Street: earmarked for 100 homes for people on low to moderate incomes. Rents would range from $375 to $850 per month;

• 3510 Fraser Street: About 60 homes for seniors with the potential for a senior centre on the ground floor. Rents slated at between $750 and $1,400 per month.

• 2221 Main Street: About 130 rental homes for working families and singles. Rents set at $850 to $2,000 per month; 

• 55-79 and 87-115 Southwest Marine Drive: About 130 rental homes for working families and singles. Rents from $1,000 to $2,000 per month.

ksinoski@postmedia.com