VANCOUVER - People living in Metro Vancouver will soon have access to more affordable housing with 400 new rental homes opening and breaking ground in Coquitlam, North Vancouver and Vancouver.
“We’re taking meaningful action to deliver homes for people throughout Metro Vancouver that give people a place to build their futures,” said Christine Boyle, Minister of Housing and Municipal Affairs. “These latest 400 affordable homes will bring added stability and opportunity, helping even more people find a place to call home in the communities they love."
The Province, through BC Housing, provided nearly $61 million in grant funding to help deliver 400 new rental homes across five developments. The homes are intended for people with low and moderate incomes, including families, individuals, seniors and people living with disabilities.
The five new housing developments are as follows:
- 600 W. Queens Rd.: Hollybrook’s 86 homes in North Vancouver, operated by Hollyburn Community Housing Society
- 5085 McHardy St.: 102 homes in Vancouver, operated by the Community Land Trust
- 708 Farrow St.: 21 homes in Coquitlam, operated by VRS Communities Society
- 1656 Adanac St.: 97 homes in Vancouver, operated by Entre Nous Femmes Housing Society
- 3132 Rosemont Dr.: 94 homes in Vancouver, operated by M. Kopernik Foundation
The affordable homes at Hollybrook are open and people have started moving in. Construction at 5085 McHardy and 708 Farrow is complete, with residents expected to begin moving in shortly. Construction is underway at 1656 Adanac and 3132 Rosemont. They are expected to be complete in fall 2027.
“Breaking ground at 1656 Adanac St. is a proud and powerful moment for Entre Nous Femmes Housing Society. It’s where our journey began by three single-mothers with a dream of providing affordable housing for women and families in Vancouver,” said Lilian Chau, CEO, Entre Nous Femmes Housing Society. “Thanks to BC Housing and the City of Vancouver, we’re not just building homes, we’re continuing a 40-year legacy of community, equity and possibility for generations to come.”
The projects are part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has more than 93,600 homes that have been delivered or are underway, including nearly 26,400 homes in Metro Vancouver.
Learn More:
To learn how B.C. is working to deliver more homes for people, visit: https://gov.bc.ca/homesforpeople
A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/projects-partners/Building-BC/homes-for-BC
To learn how BC Housing is helping to build strong, inclusive housing communities, visit: https://www.bchousing.org/podcast
Two backgrounders follow.
Backgrounders
All of the developments received funding through the Building BC: Community Housing Fund, a $3.3 billion investment to build more than 20,000 affordable rental homes for people with moderate and low incomes by 2031-32. Nearly 13,500 of these homes are open or underway throughout the province.
The Province, through BC Housing, invested nearly $61 million in grants for the 400 homes across five developments in Metro Vancouver. As CHF developments, the rents will be split as follows:
- 30% affordable market: the operator will have the option to select tenants off the Housing Registry;
- 50% rent-geared-to-income: tenants selected by the operator from the Housing Registry; and
- 20% deep subsidy: tenants selected by the operator from the Housing Registry.
The following funding information does not represent the total budget of each development that has additional funding sources.
- 600 W. Queens Rd., North Vancouver
- The Province, through BC Housing, provided more than $15.5 million, including $9.7 million from the Community Housing Fund and a $5.8 million Cost Pressure Grant.
- The District of North Vancouver provided the land, valued at $13.2 million, plus approximately $1.3 million in development cost-charge waivers.
- 5085 McHardy St., Vancouver
- The Province, through BC Housing, provided approximately $11.5 million from the Community Housing Fund.
- The Community Land Trust (CLT) is providing approximately $122,000 in cash equity.
- The City of Vancouver provided approximately $5.8 million in land equity.
- 708 Farrow St., Coquitlam
- The Province, through BC Housing, provided approximately $3.5 million from the Community Housing Fund.
- The City of Coquitlam provided a grant of approximately $800,000.
- 1656 Adanac St., Vancouver
- The Province, through BC Housing, provided approximately $15.4 million from the Community Housing Fund.
- The City of Vancouver provided approximately $5.3 million Community Housing Incentive Program (CHIP) grant.
- Entre Nouse Femmes provided the land, valued at approximately $7.3 million.
- 3132 Rosemont Dr., Vancouver
- The Province, through BC Housing, provided approximately $14.9 million from the Community Housing Fund.
- The City of Vancouver provided a Development Cost Levy (DCL) exemption of approximately $2.2 million.
- M. Kopernik Foundation provided the land, valued at approximately $2.4 million.
- Metro Vancouver and Translink provided approximately $590,000 in development cost charge waivers.
Mark Friesen, executive director, Hollyburn Community Housing Society –
“Ten years ago, we had nothing but a dream. Today, we open the doors to 86 new homes – not just for 86 tenants, but for 86 families who now have a safe, stable place to thrive.”
Thom Armstrong, CEO, Community Land Trust –
“We're thrilled to soon welcome new co-op members into these new homes. Through provincial and municipal support, we're proud to develop homes that will offer long-term affordability and stability to residents.”
Ken Fraser, executive director, VRS Communities –
“VRS Communities is proud to deliver 21 new homes in Coquitlam for families, seniors and individuals with disabilities. We know the demand is high, and we’ll continue working with municipalities, BC Housing, CMHC and our private-sector partners to expand affordable, inclusive housing that supports independent living in the community.”
Ken Sim, mayor, Vancouver –
“The City of Vancouver is proud to support these urgently needed homes – CHIP funding for 1656 Adanac, land for 5085 McHardy and a DCL exemption for 3132 Rosemont. Vancouver is proud to be delivering more housing faster, and with our support for these projects, we take another step forward.”
Mike Little, mayor, District of North Vancouver –
“Hollybrook delivers much-needed affordable rental housing for people with moderate and low incomes in our community. It’s encouraging to see residents moving in and beginning their next chapter. Projects like this help ensure that more people can continue to call the district home, and I thank the construction workers who committed to the project and saw it through completion.”
Richard Steward, mayor, Coquitlam –
“Housing continues to be a key priority in Coquitlam, and we’re proud to have supported the development of non-market housing units at The Farrow through contribution from the city’s Affordable Housing Reserve Fund. These much-needed homes will support community members in need, and help ensure safe, adequate and affordable housing in our community.”