New city-approved rental unit rents average $1,837

The City of Vancouver has approved construction of nearly 200 affordable housing units in East Van - starting at $1,256 a month for a studio suite

May 17, 2017

Condo apartments
This story originally appeared on Western Investor's sister publication, To view the original story, visit the REW site

Some 200 new rental homes in East Vancouver and Oakridge were approved by city council last night (May 16) as part of its Housing Reset strategy, which aims to increase the supply of affordable housing in Vancouver.
However, the city has already come under fire for describing the new units as “affordable” since the rents start at $1,256 a month for a studio apartment, rising to $1,654 for a one-bedroom unit and up to $2,603 for a three-bed suite.
One of the developments approved, at Kingsway and Gladstone in East Vancouver, will provide 45 studios at $1,256 per month, 18 one-bedroom units at $1,654 per month, 31 two-bedroom unit at $2,079 per month and seven three-bedroom suites at $2,603 per month.
Another project, at East 22nd Avenue and Rupert, will offer 65 one-bedroom suites at a rent of $1,476 per month, 29 two-bedroom suites for $2,080, and four three-bedroom suites for $2,372.
Finally, 20 three-bedroom townhomes were also approved on Willow Street between 38th and 41st in the Oakridge neighbourhood.
“The city is working tenaciously to approve and build new affordable housing as we reset our housing policy, so people who live and work in Vancouver can afford to stay here and put down roots,” stated Mayor Gregor Robertson. “These new rental homes will give young people and growing families in East Vancouver and Oakridge more affordable housing options, and keep those neighbourhoods liveable and vibrant now and into the future.”

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