Just before breaking for the Christmas vacations, Vancouver City board authorized a suite of actions focused on “supporting development viability and unlocking brand-new real estate supply” in action to market conditions that have made it difficult for designers huge and small to progress with projects.One of those actions was the development of a brand-new Rental Development Relief Program(RDRP)”developed to support the viability of mid -and high-rise below market rental housing during tough financial and market conditions.”The Rental Development Relief Program consists of 2
streams, both qualified only to jobs with below-market rental units in an area with a below-market leasing requirement. The jobs also have to be mid-rise or high-rise, be smaller sized than 1.98 acres, be seeking or have received CD-1(Comprehensive Development)rezoning approval, and have not yet received a Stage 1 Building Permit– with some exceptions for projects that got licenses in between December 15 and March 20. Stream One uses qualified projects changes to affordability requirements, while Stream 2 deals price adjustments plus policy relaxations as it relates to height and density. Both alternatives are”planned to reinforce project viability, safeguard housing shipment, and maintain momentum toward citywide real estate and price goals, “said the City, and the pilot program is set to run until December 15, 2027. Existing below-market rental units are required to be provided at 20 %below CMHC city-wide average rents.
Through the RDRP, the requirement will be changed to rates that do not surpass city-wide averages for all purpose-built rentals.(One exception is below-market rental units for occupants covered by tenant defense policies, which will stay the same.) The City formerly supplied examples of what the cost modifications would look like in a December report, with the optimum lease jumping
from $1,294 to$1,618 for studio units, from $1,470 to $1,837 for one-bedroom units, from $2,052 to$2,565 for two-bedroom systems, and from$ 2,819 to $3,524 for three-bedroom systems. In this week’s report, City personnel kept in mind that although the change increases leas, they “still show as much as a 25 %discount compared to 2024 market rents for brand-new buildings.” The brand-new cost requirements will be codified with a new or
modified Housing Contract, and those jobs should also acquire a Stage 1 Structure License within 24 months of Council approving that agreement.It’s uncertain how many tasks have actually applied and the number of jobs will go through Stream Two, but 9 jobs have applied for Stream One. These 9 projects, the developers, and the amount of systems affected are as follows:1434 -1456 West 8th Avenue Developer: PCI Advancements Rezoning Approved: January 2025 Units: 154 rental units, including 31 below-market units 2090 West Broadway
(2096 West Broadway & 2560 Arbutus Street)Developer: PCI Advancement and TransLink Rezoning Authorized: July 2024
2111 Main Street (188 E 5th Opportunity)Developer: Nicola Wealth Realty Rezoning Authorized: March 2025 Units: 446 rental units, including 87 below-market units 2535 Carolina Street & 549-569 East 10th Avenue Developer: HAVN Advancement Ltd.Rezoning Approved:
February 2025 Systems: 150 rentals, consisting of 31 below-market units 675-689 East 17th Avenue
rental units, including 20 below-market systems 5630-5668 Heather Street Developer: Anthem Residences Rezoning Approved: September 2024
551 E 10th Avenue( Formerly 523-549 East 10th Opportunity)Designer: Fastmark Advancement Rezoning Authorized: November 2024
701 Kingsway Designer: Qualex-Landmark Rezoning Approved: November 2024
)Designer: Oakridge Multi-family Development Ltd. Partnership
- Rezoning Approved: December 2022 Units: 404 rental units, including 79 below-market units Of note, obviously, is that there are repeat names in regards to the developers of these projects, such as PCI Advancement and Anthem Residence, which were not determined in the staff report and were recognized by STOREYS.Also of note is that some of the projects have actually currently broken
ground– throughout the abovementioned exception period.A few days before Vancouver City Council approved the Rental Advancement Relief Program, Anthem Residence revealed joint venture arrangements with an unnamed institutional partner on the 2 Vancouver jobs and
ground– throughout the abovementioned exception period.A few days before Vancouver City Council approved the Rental Advancement Relief Program, Anthem Residence revealed joint venture arrangements with an unnamed institutional partner on the 2 Vancouver jobs and
stated building was set to commence in early-2026. Last month, Qualex-Landmark broke ground on their project too, with Council attending the groundbreaking ceremony.City personnel is looking for Council approval this week to make these requirement changes
, and the new real estate agreements for each job will be given Council for approval at a later date.According to the City’s website for the RDRP,
applications remain open for both Stream One and Stream 2, but the City is suggesting that applications be sent by September 2026 and June 2027, respectively, so they can be processed before the program sunsets in December 2027.