Thicket of red tape is choking Metro Vancouver’s rental market
The only solution to higher rental demand is to quickly increase the supply and availability of additional housing options. This is possible.
It is time for a concrete policy direction that puts an emphasis on fast-tracking the planning, approvals and construction of rental units across Metro Vancouver. Municipalities need to be open to amending existing processes to get more rentals built faster. So how to do it? A look at the City of North Vancouver provides some clues.
With a population of less than 60,000, it accounted for 20% of all the rental housing starts in Metro Vancouver through the first four months of this year, and the majority of its 346 new rental apartments started are aimed at mid-market incomes. To create incentives for rental, the City of North Vancouver provides a density bonus for rental housing projects, waives community benefit contributions for purpose-built rentals and reduces parking requirements.