Since approving an ambitious 10-year plan in November 2019, to build 2,000 new and redeveloped affordable housing units, Metro Vancouver’s regional government has only increased its total units by 69, from 3,389 to 3,458.
While housing starts and completions reached record levels in B.C. during the pandemic, McNell said COVID-19 restrictions and supply chain issues impacted the regional government’s operations. Furthermore, escalating construction costs and, more recently, rising interest rates, had limited Metro’s ability to move projects ahead.
That report states the estimate to build the 2,000 units will be about $1 billion, so more money will be needed to get the rest constructed. Metro is already contributing $100 million and those public subsidies bring the cost of financing construction down, as rents collected over time pay off loans. The regional government says it is still advocating for federal government funding to support the plan.
In Coquitlam, the 67-unit townhome complex called Malaspina Village will be converted into a 167-unit apartment building by December 2025. Also unclear is how Metro will respond to the need for family-sized housing through the redevelopments. In 2019, Metro’s stock consisted of 67 per cent townhomes and 33 per cent apartments, including 41 per cent of units being two-bedrooms and 40 per cent being three-bedrooms.