While local governments in British Columbia are getting into the business of housing, the Metro Vancouver Regional District (MVRD) has been in the business of building and operating housing for over 50 years already.
The Metro Vancouver Housing Corporation (MVHC) currently has a portfolio of over 3,400 non-market rental units across 53 properties (existing and under development), with a total portfolio value of $923 million.
Of the 53 sites, 34 are owned by the MVHC, while 19 of the sites are on a land lease. The portfolio is home to nearly 10,000 residents, as approximately 85% of its homes have two or more bedrooms, according to the MVRD.
The MVHC last adopted a 10-year plan in 2019, but recently outlined a new 10-year housing plan.
“While Metro Vancouver Housing is reaching its goals faster than anticipated, the political, planning, and funding landscapes have shifted, requiring an updated approach,” said the MVRD in a press release earlier this month.
The new 10-year plan sets the goal of adding 2,000 new and redeveloped homes over the next 10 years, which would grow the MVHC’s portfolio by about 50%. There are specific sub-targets, too, such as maintaining an overall portfolio suite mix with at least 70% of units having two or more bedrooms, and 30% of its units provided at rents geared to income. (The rest would be low-end-of-market units.)
Targets under the new 10-year plan. (Metro Vancouver)
Metro Vancouver says it will invest at least $150 million over the next decade — funded in part through a $5-per-household annual tax requisition — towards these 2,000 new and redeveloped homes, with a portion of that investment also going towards renewing its existing portfolio.
Aside from the numerical targets, the 10-year plan also outlines four key priorities.
The first is to further its “collaborative investment model.” Metro Vancouver says its portfolio-based model enables the delivery of affordable rental housing to be scaled through partnerships and that it will continue positioning itself as key partner in delivering affordable housing through shovel-ready projects. It will also assess its mortgage portfolio and explore refinancing opportunities.
The second priority is to preserve and renew “high-quality, sustainable, and resilient buildings.” Expected actions will include advancing a five-year renewal schedule, scaling renewal projects through standardization and prefabrication, building to a minimum of BC Energy Step Code 3 in all new buildings, and more.
A third focus is community and tenant well-being, with actions including strengthening responsiveness to tenant needs, setting a customer service standard, expanding partnerships with service providers, and digitizing application and tenant request processes.
Lastly, Metro Vancouver is prioritizing a sustainable approach to growth. This includes leveraging its land holdings and financial capacity to accelerate housing delivery, prioritizing new land contributions and strategic acquisitions on projects that can be delivered quickly and have low equity requirements, creating a prioritized pipeline with shovel-ready projects, and enhancing its lease-up program.
“The region has diverse and growing affordable housing needs, and Metro Vancouver Housing is doing an exceptional job of helping to fill those gaps,” said Mike Hurley, Chair of Metro Vancouver’s Boards of Directors and Mayor of Burnaby. “This updated long-range plan prepares us for growth, resilience, and continued excellence while responding to significant changes in the political and economic environment.”
“It’s no secret that I’m super proud of the work Metro Vancouver Housing is doing — as one of the province’s largest rental housing providers, we do so much good in the community and want to shout it from the rooftops,” added Dan Ruimy, Chair of Metro Vancouver’s Housing Committee and Mayor of Maple Ridge. “I’ve seen firsthand the difference our efforts make in the lives of thousands of people, and this refreshed 10-year plan lays out an ambitious, yet financially sound and achievable, path to providing even more excellent housing for residents across the region.”
In the near-term, Metro Vancouver says it has 12 renewal projects underway, four new projects under construction, and five projects in the design or approvals stage.
