WHEREAS market rental housing provides an important housing supply for low to moderate income earners; AND WHEREAS on average, only 675 purpose-built rental units are built in Metro Vancouver each year; AND WHEREAS the regions existing rental stock is aging and at risk for redevelopment; AND WHEREAS there is a significant economic impairment to developing market rental housing compared to strata condo development: THEREFORE BE IT RESOLVED that the provincial government provide incentives for the retention of existing and development of new market rental housing.
Ministry of Energy, Mines and Natural Gas and Minister Responsible for Housing The Province recognizes that rental housing for low to moderate income households is a significant concern in Metro Vancouver. In 201112, the Provincial Government, through the British Columbia Housing Management Commission, invested over 240 million to provide subsidized housing and rent supplements for more than 56,900 households in Metro Vancouver. This included support to more than 28,600 senior households and over 17,900 family households. The Community Partnership Initiative also provides low interest financing opportunities for housing providers to build affordable market housing targeted to working low to moderate income households. The Province will continue to build upon progress since Housing Matters BC was first introduced and continue to focus on enhancing the supply of affordable housing, including rental housing. The Province will continue to work with local organizations to provide a variety of housing options for British Columbians.