Thanks to initiatives like the short-term incentives for rental (STIR) and Rental 100, the City of Vancouver’s new rental and social housing sector is booming. According to year-to-date data collected up to July 2014, 67 per cent of all rental housing approved after 2003 has taken place since 2012.

The rental programs, initiated under Vancouver Mayor Gregor Robertson, provide incentives to builders that take on rental projects rather than condos. Of 4,353 rental units approved since 2003, 2,942 were approved since 2012.

“We’re seeing record levels of new rental and social housing being built in Vancouver, which is crucial for building a future where our city is more inclusive and prosperous,” says Robertson in a statement. “We’re seeing new housing built that meets the needs of people who live and work in our city. Our housing plan and programs are working and the shovels in the ground prove it.”

In addition to the incentive programs, the city introduced a 10-year Affordable Housing and Homelessness Plan in 2011, setting targets for new social and supportive housing.

“Our focus has been ensuring we deliver new housing that meets a range of incomes,” adds Robertson. “We need a range of affordable housing options for people on different incomes, and these numbers show we’re on the right track.”