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Affordable housing in Vancouver can only happen under new rental program, Stewart says - The Globe and Mail
The moderate-income-rental initiative was announced almost two years ago as a pilot program that would allow 20 projects to go forward. Successful bidders had to show that they could provide one-fifth of the units at below-market rates − to moderate-income households earning $30,000 to $80,000 a year.

The city has set the rates at $950 for a studio, $1,200 for a one bedroom, $1,600 for a two, and $2,000 for a three. That’s significantly lower than the rates mandated in the city’s 10-year-old Rental 100 program, where builders are allowed to charge up to $3,700 for a three-bedroom unit. That program has generated a lot of controversy because of the city’s assertion that it is providing “affordable” units.

As well, under the new experimental program, the rents on the affordable units are locked in permanently. They can’t be increased by more than the rate of inflation when tenants turn over, which is not the case with any other type of apartment in the province.
vancouver  housing  rental 
4 days ago by badeconomist
Metro Vancouver residential land prices may have already peaked | Vancouver Courier
Still, developers were paying eye-popping prices for high-density residential land in the second half of last year. The record price could be the $164.7 million that British-based Harlow Holdings Ltd. paid for just under an acre of land (43,255 square feet) in downtown Vancouver. A few blocks away, Vancouver’s Skyllen Pacific Development paid $58.7 million for a 30,226-square-foot Pendrell Street site zoned for a floor space ratio (FSR) of 2.75 (which means that more than 83,000 square feet of residences could be developed). 

On Vancouver’s tony west side, land zoned for high-density housing easily topped $40 million an acre last year. Colliers reported that, based on land values, the average cost for every buildable square foot for a residential development on Vancouver’s west side is now from $450 to $550 per square foot. That cost is just for the land and excludes construction costs and all soft costs, such as taxes, legal costs, development fees, marketing, financing and any developer profit.

Vancouver has by far the highest combined per-buildable-square foot costs and construction prices in Canada, according to Altus Group’s 2019 Construction Cost Guide. Altus estimates that Vancouver now requires an end-sale price a third higher than in second-place Toronto.

It  is not uncommon for new concrete condos in Vancouver to top $1,400 per square foot, and the average is $1,345 per square foot.

Suburban land values in Metro Vancouver also spiralled in 2018. In the second half of last year, Anthem Properties Corp. closed on a 1.5-acre residential site in Coquitlam near a SkyTrain station. It paid $40.5 million. Townline Homes Inc. paid $34.4 million for a high-density 51,529-square-foot parcel on North Road, Coquitlam, which pencilled to $148 per buildable square foot at an FSR of 4.5. 

Surrey provides some of the lowest-cost land for residential in the region, but it is not uncommon for high-density sites to sell for $10 million per acre or more. RDG Management Ltd. paid $30.6 million last year for 3.2-acre site in Central Surrey with an FSR of 3.5.; and a B.C. numbered company snapped up a 7.5 FSR site of nearly 1.5 acres on the King George Highway for $54 million late in 2018.
realestate  vancouver  housing  density 
5 weeks ago by badeconomist
Is modular housing the solution to end Vancouver’s homelessness crisis? | Vancouver Courier
The government, however, did not open any new stand-alone permanent housing for homeless people in Vancouver since last year’s homeless count. Only 52 units of the 198-unit Olivia Skye building at 41 East Hastings — which opened in March 2018 — rent to single women at the provincial welfare rate of $375 per month.

In addition, the government paid $12.5 million for the Jubilee Rooms near Main and Hastings, which opened in June 2018. But that purchase was done to accommodate nearly 80 tenants evicted from the Regent Hotel, which the city closed because of its dilapidated state.

On Monday, the government announced it will keep eight Vancouver shelters open until March 2020. The cost for the 240 beds is $3.1 million.
vancouver  housing  homeless  bc 
5 weeks ago by badeconomist
Who knew? 2,450 units of ‘affordable’ rentals in works in Vancouver | Vancouver Courier
Mike Howell. Includes figure with data on BC gov't contributions to Vancouver projects
bc  housing  vancouver 
5 weeks ago by badeconomist
1-in-10 condos in Vancouver have non-resident owners: report | Daily Hive Vancouver
Vancouver properties constructed during the period from 2016 to 2017 had a higher proportion of non-resident ownership, with 15.3% properties having at least one non-resident owner — compared to 11.2% (about one-in-10 units) for those properties constructed between 2011 and 2015 and less than 6% for properties built between 1961 and 1990.

The non-resident ownership figure is higher for Vancouver condominiums constructed from 2016 to 2017, with the proportion listed at 19.2% (about one-in-five units).
cmhc  vancouver  housing  foreignownership 
5 weeks ago by badeconomist
All 600 modular homes for the homeless in Vancouver now complete | Daily Hive Vancouver
The project that capped the provincial government’s modular housing goal in the city was the opening over the weekend of Nora Hendrix Place — a 52-unit modular complex on a green space at 258 Union Street, located at the eastern end of the Georgia and Dunsmuir viaducts and just south of Chinatown’s border.

A total of nine modular housing complexes funded by the provincial government, with the City of Vancouver arranging or providing the land required, have been built since the fall of 2017, when the program was first announced. It cost $8.8 million to build this final temporary building.
vancouver  housing  homeless 
6 weeks ago by badeconomist
As Vancouver looks to address its rental crisis, it can learn from Seattle - The Globe and Mail
Seattle gives developers a holiday from property taxes for the building (but not the land) for up to 12 years. In return, the owners have to agree that 20 to 25 per cent of the units in their developments will be rented to tenants who earn below the usual median income, and those tenants will be charged rents equal to 30 per cent of their income.

By December, 2015, the city had almost 4,000 of those apartments in the city, with another 2,000 approved and in the pipeline. They're built by both private developers and non-profits, such as Capitol Hill Housing, which owns Ms. Swift's apartment and 900 others in 48 Seattle buildings.
seattle  rental  housing 
6 weeks ago by badeconomist
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