In June, Vancouver’s City Council adopted an updated ten-year housing strategy and three-year plan, aiming to address the housing crisis with ambitious targets and comprehensive strategies. The plan, which spans from 2024 to 2033, builds upon the Housing Vancouver Strategy and integrates new elements such as the Vancouver Plan adopted in 2022, current provincial legislation, and evolving economic situations.
New Housing Targets and Three-Year Action Plan
The new 10-year housing targets, approved on June 25, 2024, seek to approve 83,000 net new homes by 2033. This plan is complemented by a three-year action plan running from 2024 to 2026, which includes over 50 specific actions organized around seven key areas:
Housing needs
Geographic equity
Addressing homelessness
Community housing
Indigenous housing
Rental housing
Speculation
The Housing Vancouver Strategy, Three-Year Plan and the City Council’s Strategic Priorities are designed to align so that all actions are interconnected and strategically targeted.
Focus of the 10-Year Housing Strategy
The city aims to significantly increase the supply of affordable housing to cater to its diverse population, addressing the critical need for homes that are both accessible and affordable.
A critical aspect of the strategy involves addressing the over-inflated cost of land, which significantly drives up housing prices. By implementing measures to control land costs, the plan seeks to stabilize housing prices and make housing more attainable.
The strategy emphasizes the construction of homes that meet the actual needs of Vancouver’s residents, ensuring a mix of housing types that are both affordable and suitable for various household sizes and demographics. It aims to do this while protecting and renewing existing affordable housing. This includes maintaining and upgrading current housing stock to ensure it remains viable and accessible for low- and moderate-income residents. It also prioritizes housing for vulnerable populations, ensuring that support services are integrated with housing solutions to provide comprehensive care and stability.
Another key goal is to expedite housing development by simplifying city processes, reducing bureaucratic hurdles and accelerating the delivery of new housing units.
Focus of the Three-Year Action Plan
The three-year action plan is structured around seven strategic areas.
Housing Needs
The plan aims to address existing and future housing requirements by updating and aligning the City’s housing targets with provincial standards and developing strategies to meet the diverse needs of all residents.
Geographic Equity
The city aims to ensure that housing opportunities are spread across all neighbourhoods, so the plan includes measures to diversify housing stock and promote inclusivity in all areas.
Addressing Homelessness
The action plan focuses on providing safe, secure, and affordable housing with necessary support services for individuals experiencing homelessness.
Community Housing
Enhancing the supply of social and supportive housing is a key priority. The plan supports the growth of the non-profit housing sector and aims to increase the number of community housing units.
Indigenous Housing
The City will collaborate with Indigenous communities to support culturally appropriate housing models and wellness initiatives, reinforcing its commitment to reconciliation and support for Indigenous residents.
Rental Housing
The strategy seeks to create more secure rental housing options, aiming to mitigate displacement and enhance the availability of long-term rental units.
Speculation
Addressing housing speculation is essential to ensure that housing remains available for those who live and work in Vancouver. The plan includes measures to control speculative practices and promote housing stability.
New Housing Targets
The ten-year target of 83,000 new homes includes a significant focus on increasing housing options for renters and families.
Rental Housing
75% of the new housing will be designated for renters, including non-market, below-market, and market rental housing.
Family Housing
Over 40% of the new homes will have two or more bedrooms, catering specifically to families. This includes purpose-built market rental units, laneway homes, and social housing with family-friendly configurations.
Diverse Housing Types
The plan also emphasizes the development of “missing middle” housing, such as townhouses, multiplexes, duplexes, and coach houses, ensuring a variety of housing types across all neighbourhoods.
For detailed information, see the City of Vancouver’s Housing Strategy.