New affordable rentals open in Vancouver

The housing market in British Columbia saw a boost as 337 affordable rental homes opened in Vancouver’s River District. This development, a partnership between BC Housing, the City of Vancouver, and Community Land Trust, includes 220 units for Indigenous people and 117 co-op homes, with rents ranging from $445 to $2,653 based on household income.

BC Minister of Housing Ravi Kahlon highlighted the initiative’s importance, stating, “We’re going to keep working to make sure you can find a home you can afford in the community you call home.”

Complementing this progress, reports from the BC Rent Bank revealed over 2,500 renters were able to maintain their homes in 2023-24, saving $16.1 million in housing costs. Additionally, record rental construction starts and falling rents signal improvements.