Canada provides 254 units of rental housing in Vancouver

Vancouver, British Columbia, August 11, 2021

Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Vancouver will now have access to more stable rental housing options.

Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), alongside the Honourable Harjit Sajjan, Minister of National Defence and Member of Parliament for Vancouver South, announced that the federal government is providing a total of $127.35 million through three low-cost loans to help construct 254 new housing units located at 2109, 3600, and 3680 East Hastings Street in Vancouver.

The project located at 2109 East Hasting Street is a 6-storey mixed-used building containing 42 residential units, developed by Mosaic Homes.

The project located at 3600 East Hastings is a 15-storey mixed-use building containing 94 residential units, while the project located at 3680 East Hastings is a 15-storey mixed-use building containing 118 residential units. The buildings are being developed by PCI Developments.

These projects are transit-focused — 2109 E Hastings is located only 50 metres from the nearest bus stop, has accessible dedicated bike lanes, while the neighbourhood is a popular pick up/drop off location for various car share services. The projects at 3600 and 3680 E Hastings are located approximately 120 meters from the Kootenay Bus Loop which is a major transit exchange. Located in the Hastings-Sunrise neighborhood, these three projects are directly along the Hastings Corridor, with easy access to public transit, Hasting Community Park, Pacific Coliseum, Playland, and various amenities.

All three projects demonstrate good affordability, with each project exceeding municipal accessibility standards. Each project is designed to achieve decreases in energy intensity and greenhouse gas emissions relative to the requirements of the 2015 National Energy Code for Buildings.

These projects received funding through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.

Quotes:

“Every Canadian deserves a safe and affordable place to call home. That’s why, through these investment on East Hastings Street and others just like it, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities that middle-class families in Vancouver need. This is the National Housing Strategy at work.”
— The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)

“We all know that everyone in our region, and across Canada, deserves adequate and affordable housing. Today, our government’s Rental Construction Financing initiative (RCFi) is helping Vancouver to increase its supply of new rental developments. When it is complete, these projects on East Hastings Street will offer fresh housing options for families and individuals which are even closer to good jobs, services and amenities in Vancouver.”
— The Honourable Harjit Sajjan, Minister of National Defence and Member of Parliament for Vancouver South

“Here in the heart of East Vancouver, middle-class and working people define our community. These investments will help create much needed affordable homes and ensure a new generation of families can continue to call this diverse neighbourhood home. When the City and Federal Government work in partnership to help residents stay close to the people and places they love, we get closer to a Vancouver that works for everyone.”
— Kennedy Stewart, Mayor of Vancouver

“As a local Vancouver developer, PCI is focused on building new, desirable rental housing to help address the acute need for quality affordable homes for those living and working in our City. It is because of CMHC’s Rental Construction Financing Initiative and the support from the community and the City that we are able to viably deliver significant supply of secured market and below market rental homes in this great community.”
— Kristen Devaney, Group Chief Financial Officer, PCI Developments

“For over 20 years, MOSAIC Homes has been committed to providing Metro-Vancouver residents with quality housing options. We build real homes, for real people. New rental housing in Vancouver is paramount, and our Lakewood Living project, with the help of the CMHC and its RCFi initiative, will provide a significant source of rental housing to Vancouver’s East Village neighbourhood with close proximity to amenities, transit, and employment opportunities. We are excited to be a part of this vibrant, walkable community and we are looking forward to contributing crucial rental options in the area.”
— Max Bruce, Partner – Income Properties, MOSAIC Homes

Quick facts:

The most recent vacancy rate in Vancouver was at 2.6% (July, 2020).
Through the RCFi, the Government of Canada is encouraging the construction of more than 71,000 new rental housing units.
A stable supply of rental housing is critical to ensure that more Canadians have access to housing that meet their need and that they can afford. This is a great option for middle class Canadians who are experiencing affordability pressure in many markets with high home prices and lack of rental supply.
Launched in April 2017, the RCFi has generated significant interest in the industry, which has led to an expansion of the program. Through Budget 2019, the Government of Canada increased the total amount available in loans to $13.75 billion.
Given the high demand for the program, the Government again expanded the RCFi in the 2020 Fall Economic Statement by adding an additional $12 billion over 7 years, starting in 2021 – 22. The program now totals $25.75 billion in low-cost loans.
Budget 2021 proposes that $300 million over two years (2021 – 22 and 2022 – 23) from the RCFi be allocated to support the conversion of vacant commercial property into 800 units of market-based rental housing. As the demand for retail and office space has changed due to COVID, some landlords, particularly in major urban cores, are facing higher vacancies. This is an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the livability and affordability of urban communities.
Canada's National Housing Strategy (NHS) is a 10-year, $72+ billion plan that will give more Canadians a place to call home.
To help Canadians find affordable housing, Budget 2021 proposes to provide an additional $2.5 billion over seven years in new funding and a reallocation of $1.3 billion in previously announced funding to speed up the construction, repair, and support over 35,000 additional housing units.

Associated links:

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

To find out more about the National Housing Strategy, visit www.placetocallhome.ca.