On September 11, the Province announced that, through BC Housing, it had partnered with the Young Women's Christian Association (YWCA) Metro Vancouver to acquire a new affordable housing project that recently completed construction.
The building is located at 388 Slocan Street (formerly 2735 E Hastings Street) in Vancouver, about midway between Hastings Park and Pandora Park, and has been named the YWCA Sandy So Vista.
According to the Province, it contributed "approximately $24 million" to the purchase, through an Affordable Rental Housing (ARH) Grant, while YWCA Metro Vancouver contributed "almost $8 million," for a total of around $32 million.
BC Housing owns 34 units, while YWCA Metro Vancouver will own the remaining 36 units and the ground-floor commercial space, as well as manage the entire building.
"The six-storey building features commercial space at ground level and 70 homes – including studio, one-, two- and three-bedroom units – spread over the five storeys above," the Province said. "The homes are situated around an internal courtyard with a rooftop terrace and urban garden space for residents to enjoy. Residents began moving into their new homes in August."
The project was developed by Chard Development and the property was formerly occupied by a two-storey commercial building that was home to two restaurants and some office space above.
"Chard is incredibly proud of this project, and we are grateful for the opportunity to work with the YWCA, BC Housing, and the City of Vancouver to deliver these affordable rental homes," said President & CEO of Chard Development Byron Chard in a statement to STOREYS. "The YWCA should be commended for their dedication, determination, and fundraising ability to make this possible. We are committed to being part of the housing solution and collaborating with great organizations to add to Vancouver's housing continuum."
The City of Vancouver previously contributed $4 million to the development through its Community Housing Incentive Program (CHIP).
An interior of one of the apartments at 388 Slocan. / YW Housing Society.
According to the 388 Slocan building website, asking rents are $1,758 per month for studio units, $2,081 for one-bedroom units, $2,798 for two-bedroom units, and $3,190 for three-bedroom units.
All of those rents are approximately 7.2% higher than the proposed average starting rents listed under the housing agreement for the project that was signed in July 2021: $1,641 for studio units, $1,942 for one-bedroom units, $2,611 for two-bedroom units, and $2,977 for three-bedroom units.
Upon inquiry, the City of Vancouver told STOREYS that this discrepancy is due to the annual allowable rent increase.
"In the case of the 388 Slocan rental project, the rents outlined in the Housing Agreement can be escalated at the Residential Tenancy Act allowable increase on an annual basis," the City said. "The allowable increase was 0% for 2021, 1.5% for 2022, 2% in 2023 and 3.5% in 2024. Through fundraising, the City's CHIP grant and contributions from senior government, the YWCA is able to rent some units below these rates."
Based on the annual allowable rent increases, the maximum rents allowed at 388 Slocan are $1,758 for studio units, $2,081 for one-bedroom units, $2,798 for two-bedroom units, and $3,190 — the rents listed on the building website.
Last week, Mayor of Vancouver Ken Sim attended a grand opening ceremony for the project, along with several other councillors.
"We are thrilled to see 388 Slocan St. open its doors, bringing much-needed affordable housing to families and individuals in Vancouver," said Sim in a press release. "This is more than just a building – it's a new chapter for those who will call it home, and a strong signal of what we can accomplish when we work together. We're committed to building affordable, high-quality housing options that truly reflect the diverse needs of our community, and today, we're one step closer to that vision."
