Metro Vancouver is planning to build 2,000 new and redeveloped affordable housing units over the next 10 years after decades of stalled growth in its housing program.
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.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'16 degrees above normal': Environment Canada warns of upcoming Metro Vancouver heatBe prepared.
Read more »
Early season B.C. heat wave: High health risk for parts of Metro VancouverA late spring heat wave already anticipated to be record-breaking is expected to push the mercury into potentially dangerous territory for those with risk factors in Metro Vancouver as doctors warn hospitals are already “on red alert.”
Read more »
Transit cops bust Metro Vancouver drug trafficking ringPolice seized drugs with an estimated street value of $70,000, guns, ammunition and counterfeit cash.
Read more »
Vancouver Weather: Sunny and warmMetro Vancouver is in for its first heat wave of the season, with highs expected to reach 34 C inland Sunday.
Read more »
Industry panel highlights the role of Women in Pizza in Vancouver, and beyondThe overarching goal of Women in Pizza is to empower and connect women working within the industry, the founders say.
Read more »
Modelled tsunami would take 20 minutes to reach Vancouver Island — study - Terrace StandardModelled tsunami would take 20 minutes to reach Vancouver Island — study
Read more »