Dan Fumano: Vancouver hits housing targets for bottom and top, missing the middle

Vancouver has created, a city news release announced Tuesday, a “record number of new homes” in the last two years. But while that headline may be true, it omits the fact that when it comes to certain kinds of homes, the city lags behind its own targets.

Vancouver is at the point where, according to representatives of the development and rental-housing industries, the private sector can’t, on its own, produce rental housing that’s affordable for even households earning median incomes. Tuesday’s presentation to council, a two-year progress report on the 10-year Housing Vancouver strategyadopted in 2017, showed Vancouver is actually near or exceeding housing targets in some areas. The city is very close to its targets on social housing for the poorest and most vulnerable, largely thanks to the creation of hundreds of units of modular housing in Vancouver last year, mostly built with money from the province, on land provided by the city. .

Stewart noted the difficulty many Vancouver employers have filling service roles in restaurants and coffee shops. But even for medium-income earners, which could include senior-care providers and office workers, the city isn’t meeting its own housing targets. Households earning less than $30,000 a year often need publicly funded social housing. But the market environment in Vancouver has become such that the private sector says they’re increasingly unable, on their own, to provide homes for that next group up the income ladder: households earning up to $80,000. Tuesday’s update showed Vancouver is about 25-per-cent below its own target for affordable rental homes for households earning between $50,000 and $80,000.

Anne McMullin, CEO of the Urban Development Institute, which represents the development industry, said: “It’s difficult without looking specifically at a pro forma, but I’d say yes, it’s very, very difficult to build rental housing in that price point in the current conditions.”

Hmm if the target is lowest sales in 30 years it was achieved

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