Dr Sam Mehrbod’s Blog
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The Challenge of Building Rental Homes in Vancouver
Vancouver city hall has proposed policy amendments to incentivize developers to build more rental homes, both market-rate and below-market. Despite the 2017 pilot program for below-market rentals being initially successful, construction of the 70 approved projects have not yet taken place due to increasing construction costs and interest rates. The proposed policy changes include increasing…
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$108 million in federal financing for new Oakridge rental housing in Vancouver
The federal government has announced that it is providing Marcon Developments with $107.5 million in fully repayable low-interest loans through the Rental Construction Financing Initiative for a major secured purpose-built rental housing project in Vancouver's Oakridge area. This will enable Marcon to construct two towers with a total of 426 rental homes, including 215 market…
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Vancouver shifting to more ‘balanced’ housing market as inventory rises: Board
The Real Estate Board of Greater Vancouver reported that in September 2023, there was an increase in new listings of 28.4% year-over-year, helping to bring some balance back to the region's housing market. There was also a 13.2% increase in sales from the same month last year, but the total was still 26.3% below the…
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Vancouver downtown office vacancies hit highest level in nearly 20 years
The September 28 Colliers report found that the office vacancy rate in Metro Vancouver had climbed to 11.9% in the 3rd quarter of 2023, the highest rate in nearly 20 years. Despite these obstacles, asking rents remain high due to redevelopment and concessions beyond rent. The health-care sector was the leader for office demand in…
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Government backs construction of 215 rental units in Vancouver
The Government of Canada is investing $107.5 million in loans to Marcon Development for the construction of a 19-storey high-rise with 215 rental units in Vancouver. The high-rise will feature studio apartments, and one-, two-, and three-bedroom units, and will be located near the 41 Avenue Canada Line Skytrain station, parks, schools, and grocery stores.…
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Canada and British Columbia support more affordable housing in Vancouver
The governments of Canada, British Columbia, and the City of Vancouver have announced a combined funding of more than $91 million for a major affordable housing project in Vancouver. The 17-storey building will include 154 residential units and commercial space, and will be designed to passive house standards with mass timber to reduce carbon emissions.…
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New Listing: 814 E 51ST AVENUE
OPEN HOUSE SUNDAY OCT 22ND 3-5 PM. Front unit in a newly built fourplex. Ready to Occupy! No Strata Fees, best location and open concept layout; quiet and convenience. This will be one of the most stunning properties on the East Side. Immense attention to detail has gone into the functionality and design of this…
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Vancouver staff recommend raising the rents in affordable housing pilot program
The City of Vancouver is proposing an amendment to the Moderate Income Rental Housing Pilot Program, increasing rents from 30% of target households' incomes to 20% below the Canada Mortgage and Housing Corporation's average rent. The goal of the program is to incentivize developers to build more below-market rental housing, however, the report says none…
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Vancouver approves controversial ‘missing middle’ density plan
The Vancouver City Council voted to approve a "missing middle" motion which will allow multiple housing units on the majority of single-detached lots in the city. The motion, which will be accepted in December, will simplify residential zoning by consolidating nine different residential zoning types into a single zoning type. It will also allow up…
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Vancouver council approves ‘Missing Middle’ motion allowing up to 8 homes per lot
The Vancouver City Council passed a motion to allow for multiplex and character homes to be built on single lots with a maximum of 8 homes. This includes a reduction in the size of single-detached homes but increases the size of laneway houses. The nine RS residential zones have been combined into a new R1-1…