Vancouver: Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Vancouver will now have access to more stable rental housing options.
Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), alongside Harjit Sajjan, Minister of National Defence and Member of Parliament for Vancouver South, announced that the federal government is providing a total of $127.35 million through three low-cost loans to help construct 254 new housing units located at 2109, 3600, and 3680 East Hastings Street in Vancouver.
The project located at 2109 East Hasting Street is a 6-storey mixed-used building containing 42 residential units, developed by Mosaic Homes.
The project located at 3600 East Hastings is a 15-storey mixed-use building containing 94 residential units, while the project located at 3680 East Hastings is a 15-storey mixed-use building containing 118 residential units.
The buildings are being developed by PCI Developments. These projects are transitfocused — 2109 E Hastings is located only 50 metres from the nearest bus stop, has accessible dedicated bike lanes, while the neighbourhood is a popular pick up/drop off location for various car share services.
The projects at 3600 and 3680 E Hastings are located approximately 120 meters from the Kootenay Bus Loop which is a major transit exchange. Located in the Hastings-Sunrise neighborhood, these three projects are directly along the Hastings Corridor, with easy access to public transit, Hasting Community Park, Pacific Coliseum, Playland, and various amenities.
All three projects demonstrate good affordability, with each project exceeding municipal accessibility standards. Each project is designed to achieve decreases in energy intensity and greenhouse gas emissions relative to the requirements of the 2015 National Energy Code for Buildings.
These projects received funding through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
Hussen said: “Every Canadian deserves a safe and affordable place to call home. That’s why, through these investment on East Hastings Street and others just like it, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities that middle-class families in Vancouver need. This is the National Housing Strategy at work.”
Harjit Sajjan said: “We all know that everyone in our region, and across Canada, deserves adequate and affordable housing. Today, our government’s Rental Construction Financing initiative (RCFi) is helping Vancouver to increase its supply of new rental developments. When it is complete, these projects on East Hastings Street will offer fresh housing options for families and individuals which are even closer to good jobs and amenities.”
Kennedy Stewart, Mayor of Vancouver, said: “Here in the heart of East Vancouver, middle-class and working people define our community. These investments will help create much needed affordable homes and ensure a new generation of families can continue to call this diverse neighbourhood home. When the City and Federal Government work in partnership to help residents stay close to the people and places they love, we get closer to a Vancouver that works for everyone.”
• The most recent vacancy rate in Vancouver was at 2.6% (July, 2020).