It’s 2018, and the City of Vancouver has changed the definition of “for-profit affordable rental housing”.
For this year, a new three-bedroom rental on the West Side of the city with a starting rate of $3,702 per month is considered affordable.
Also regarded as affordable rental rates in the same part of the city are $2,756 for a two-bedroom unit; $1,903, one bedroom; and $1,646, studio.
For 2018, a new rental in East Vancouver with three bedrooms with a starting rate of $3,365 is deemed affordable by the city.
Also for the same part of the city, the following rates will be considered affordable: $2,505 for a two-bedroom rental; $1,730, one bedroom; and $1,496, studio.
Most of the rates represent increases from previous amounts set by the City of Vancouver for new developments to qualify as “for-profit affordable rental housing”.
The city provides various incentives for “for-profit affordable rental housing”.
One incentive is an exemption from payment of development cost levies if developers meet the “affordable” rental rates set by the city.
Developers are also allowed to construct taller buildings and additional units.
The building of for-profit affordable rental housing is a signature program of Mayor Gregor Robertson and his Vision Vancouver caucus in council.