As the Metro Vancouver Region, we have set a goal to have 15% of new rental units in transit-oriented areas meet our affordability targets. The provincial government has set similar targets for our region.
The following tables show the affordable rental breakdown based on the number of bedrooms and median household incomes.
| Number of Bedroom | Median Income Target | Affordable Rent |
|---|---|---|
| 1 Bedroom | $60,700 | $1,517 |
| 2 Bedroom | $75,350 | $1,884 |
| 3 Bedroom | $90,000 | $2,250 |
| 4+ Bedroom | $113,500 | $2,813 |
98% of the 2,545 affordable housing units built between 2018 and 2023 were built by the government and non-profits (which usually rely on funding from the government.) The provincial and federal governments are responsible for funding these units.
Local government can also support affordable housing projects by contributing land, reducing development charges, creating partnerships, and having policies to encourage affordable housing units. An example in Langley City is a proposed BC Builds project (on 200th Street near 49th Avenue), a partnership between the province and the Pacific Nazarene Housing Society, where the city is contributing land.
Local government support must be balanced to ensure we aren't further driving up the cost of market units.
The data shows that the provincial and federal governments will continue to be critical in getting affordable rental units built in our region. Only 2% of housing units built between 2018-2023 were affordable for people who make the median income in our region. I believe it will require a "wartime" effort level of response, like right after World War 2 when the federal government made it a priority to ensure everyone had an affordable home.
For more information on our Metro Vancouver affordable housing targets and progress, please read the February 6th Regional Planning Committee agenda.
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