Vancouver’s recent 2013 Housing Report Card found that the number of new rental housing projects has passed the halfway mark to the city’s 2021 target. At 2,839 new Vancouver rental housing units to date, the city has already achieved 189 per cent of its current target goal.

Nearly 1,100 rental housing units were approved in Vancouver in 2013, compared to none in 2008 and 2009. The city has also contributed to its rental housing stock by approving over 1,600 laneway houses and secondary suits throughout Vancouver. According to the report, the Canadian Mortgage and Housing Corporation has witnessed a decline in average rents since 2012.

“The record levels of new rental housing being built in Vancouver are an example of how our city’s housing plan is on the right track,” says Mayor Gregor Robertson. “The majority of our rental housing is aging and in need of repair. New rental housing is crucial to easing the pressures of Vancouver’s rental market and giving people a quality home in our city.”

The creation of new rental housing has been supported, in part, by initiatives created by the City of Vancouver, including the Short-Term Incentives for Rental (STIR) and Rental 100 programs. These programs provide incentives for builders to develop rental housing rather than condominiums.