Rental Construction Boom
Last year was big for rental construction— a record 1,097 units were approved by the city, compared with 1,021 approved in 2012. Mayor Gregor Robertson says the city remains focused on enabling new rental housing to help people that can’t afford to buy in Vancouver. Still, since the PSF rental income is higher for smaller units, the city is also now pushing developers to include a higher number of two-bedroom units, the city’s general manager of planning and development Brian Jackson (above) tells us. (People need roommates so they have someone to complain about.)
The city has guidelines that ask for 25% of all market residential condos be two bedrooms or more, he says. “Developers have responded by providing at least this amount, sometimes a lot more,” he says. Brian says that lately he’s seen developer interest in providing three-bedroom units. “In recent memory, very few projects have not met the guidelines,” he says. Above is Hollyburn Properties' Hollyburn Plaza; it's one of the companies aggressively involved in developing new rental properties and is seeking approval to build a 132-unit, 14-storey complex in North Vancouver.
