We think it’s safe to say that Vancouver isn’t exactly an affordable place to live. So, we’re thanking the housing gods (and the Federal Government) for this recent news. The Federal Government is investing $184 million into affordable housing in Vancouver. Please, join us in a communal “hallelujah!”
After Vancouver was named the most expensive place to live in Canada earlier this summer, it appears Vancouverites’ empty wallets have caught the attention of the Federal Government. So much so, that they have officially announced the funding of $184 million for the construction of affordable housing in Vancouver.
According to the news release, the Canadian Government believes that every person dwelling in the Great North deserves to have a safe and affordable place to live. As such, the Government launched the first-ever National Housing Strategy in 2017.
The strategy consisted of a $55 billion action plan to build more affordable housing, invest in communities, and hopefully cut homelessness in half. Well, it looks like old Vancouver will be getting a slice of that $55 billion pie.
Today the City of Vancouver announced that the Federal Government will be investing the aforementioned $184 million into the construction of 1,100 affordable housing units through the Canada Mortgage and Housing Corporation (CMHC).
“CMHC is working directly with housing providers, from small non-profit societies to large real-estate developers,” explained the news release. CMHC will be embarking upon the projects with the help of the Vancouver Affordable Housing Agency (VAHA), the Community Land Trust, a non-profit real estate developer and asset steward, and the Government of British Columbia.
The city is looking at nine projects which range from modular housing to mixed-market rental, to housing co-ops. The first of the projects that has received funding is Pierview Homes in the River District of S.E. Vancouver. Pierview Homes is set to open 140 co-operative units in 2020. You’re probably wondering what the other eight projects are. Don’t worry, we’ve got you.
- 1001 Kingsway
- 1210 Seymour Street & 560 Davie Street
- 177 West Pender Street
- 3310 Marine Way
- 3279-3297 Vanness Avenue
- 1190 Burrard Street & 937 Davie Street
- 3183 & 3245 Pierview Crescent
- 288 E Hastings (The Anjok)
- 2305-2355 Vanness Avenue (proposed temporary modular housing)
You deserve this, Vancouver. Especially those of you paying up to $3000 per month for these tiny Vancouver apartments. Our heart goes out to you brave souls.