Vancouver has unveiled a new plan to accelerate housing development. The city has set a new goal of approving 83,000 new homes in the next decade, a 15 per cent increase from previous targets.
The updated 10-year Housing Targets and new Three-year Action Plan, adopted by city council, will advance the implementation of the Vancouver Plan, Housing Vancouver Strategy, and changes in provincial legislation, while meeting the Provincial Housing Target Order, expediting permitting processes and delivering more housing.
The updated 10-Year Housing Targets will continue shifting the city’s housing developments, including 74 per cent of the new homes serving renter households; 15,500 new homes below market rate, including 8,500 social housing units and 1,500 supportive housing units, as well as 5,500 below-market rental units delivered by the private market. The city will also focus 40 per cent on family oriented homes.
The new Three-year Action Plan (2024-2026) will implement more than 50 actions across seven key topics:
- Create Vancouver’s first city-wide Official Development Plan to guide future growth.
- Increase density around transit stations through Transit-Oriented Areas.
- Implement Vancouver’s Social Housing Initiative to allow social housing in all neighbourhoods without rezoning.
- Introduce new district schedules to streamline the delivery of low- and high-rise apartment buildings.
- Develop social, supportive, and co-op housing on city-owned sites.
- Launch a pilot program for middle-income rental housing on select city-owned sites.
- Partner with the province and CMHC to renew or replace Single-Room-Occupancy buildings with dignified, self-contained social and supportive units.
