Following up on our previous post on rents and vacancy rates there is another rental stat originating from City of Vancouver documents that is making the rounds and that is misleading. Again, our housing crisis is fundamentally a rental crisis, so it’s important to keep the numbers straight so that we can better focus our energy and resources. This one is a bit more serious, but still has been making the rounds quite broadly on social media.
This post responds to a misconception about rental housing that has been making the rounds. Our housing crisis is fundamentally a rental crisis, so it’s important to keep the numbers straight so that we can better focus our energy and resources. The misconception originate from the 2019 Vancouver Housing Data Book. The data book is a huge effort to compile and has a host of valuable information. Vancouver has been doing this for the second year now, and it is successively getting better.
The City of Vancouver has introduced the Moderate Income Rental Housing Pilot Project, with density bonusing in exchange for 20% of the units renting at about 35% below market. TL;DR MIRHPP is a win-win, it manages to create both, new units that rent significantly below market, as well as market rentals. Both of which are badly needed, paid for with additional density. The allocation mechanism for deciding who gets to rent one of the sub-market units is problematic.
City of Vancouver council rejected the development application for 21 purpose-built rental townhouses in Vancouver’s exclusive enclave of Shaughnessy last week, and the owner is now proceeding with building a mansion on that lot instead. Councillors gave a variety of reasons for the rejection. Some were voicing concerns of about the compatibility of hospice use with the 3 ½ storey townhouse development next door, which seems far fetched as a quick look at St John’s hospice at UBC (the low building on the right in the picture here) shows.
About half a year ago I did a post on Airbnb data back when enforcement of the Short Term Rental (STR) regulation came into full effect starting September 2018 and have not really writing things up since then. Probably time for an update post. What has happened since, and what have we learned? Overview Let’s take a look how listings evolved. After the initial purge of listings before the start of enforcement, not much changed.