It was a banner year for the creation of rental housing in Vancouver. New statistics released by the City of Vancouver show that after a decade of limited rental construction and extremely low vacancy rates, the city approved more than 1,000 rental units in 2012.
That’s a sizeable jump from 2008 and 2009 which had zero units approved and an average of 328 in 2010 and 2011.
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“These new stats show that Vancouver is leading the way when it comes to producing new rental housing, in a city where over 52 per cent of our households rent and much of our rental stock is aging and in need of repair,” Mayor Gregor Robertson says.
Another boost came from laneway housing and secondary suite permits issued in Vancouver. According to CMHC vacancy rates remain low in Vancouver ranging from just below one per cent in South Granville to 1.6 per cent in the Marpole neighbourhood. A vacancy rate of three to four per cent is considered ‘healthy’ in a rental market that provides a variety of choice for renters.
The city will continue construction of new rental housing to stave off any potential negative impacts such as decreased neighbourhood livability, increased commute times or a strained local economy, the Mayor says.
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