Vancouver project promises 6 decades of affordability
In its announcement earlier this week, the CMHC introduced the latest project to benefit from its Rental Construction Financing initiative: Conrad by Cressey Development in Vancouver.
The $40.2-million investment will ensure a prolonged haven of affordability for the city’s struggling middle-class families.
“Over 60% of the units will have rents at or lower than 30% of median household income in the area and, under an agreement with the City of Vancouver, this affordability will be maintained for 60 years,” the Crown corporation stated.
The rental housing project will consist of several buildings offering a total of 115 units.
Earlier this month, Andy Yan of the City Program at Simon Fraser University said that while price declines in B.C. have become evident recently, a more tangible intervention from the provincial leadership’s part is still needed to ensure better affordability.
This is especially important since the government has yet to truly act on earlier promises like a $7-billion, 10-year housing affordability strategy.
“They are not actual shovels in the ground yet,” Yan told The Canadian Press “It will take a combination of supply and demand policies to really get us out of the housing crisis mess.”