Vancouver is falling short of the first-year housing target set by the provincial government but city planners say they expect the number of completed homes to increase in the next few years and surpass the B.C.-mandated five-year target of 28,900.
At the same time, Cho continued, there is “an unprecedented number of projects in stream as well as a significant number of low-density housing units that we project will complete over the next five years.” “However, after approval, there are many factors at play, leading to whether and how long it takes for a building to complete that are largely beyond municipal permitting, such as funding, financing and interest rates, construction costs, inflationary pressures and availability of labour and trades.”
“However, delivering rental units at the affordability level set by the province at or below HILS is very challenging at this time, given rising costs.” The minister said Vancouver needs to push more transit-oriented development, increase the number of units on a single-family lot and open up Shaughnessy to more units of housing.
Housing Supply Act Asked to respond to Vancouver’s six-month report card, he reiterated the three areas of concern for him.
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