Van Rental Development Relief Program Eases Affordability

Vancouver Eases Affordability Requirements For 9 Rental Projects Under New Development Relief Program

The City of Vancouver approved the Rental Development Relief Program in December to help improve the viability of projects with below-market rental units.

April 14, 2026

03:58 PM

Just before breaking for the Christmas holidays, Vancouver City Council approved a suite of actions focused on “supporting development viability and unlocking new housing supply” in response to market conditions that have made it challenging for developers big and small to move forward with projects.

One of those actions was the creation of a new Rental Development Relief Program (RDRP) “designed to support the viability of mid- and high-rise below market rental housing during challenging financial and market conditions.”

The Rental Development Relief Program consists of two streams, both eligible only to projects with below-market rental units in an area with a below-market rental requirement. The projects also have to be mid-rise or high-rise, be smaller than 1.98 acres, be seeking or have received CD-1 (Comprehensive Development) rezoning approval, and have not yet received a Stage 1 Building Permit — with some exceptions for projects that received permits between December 15 and March 20.

Stream One offers eligible projects adjustments to affordability requirements, while Stream Two offers affordability adjustments plus policy relaxations as it relates to height and density. Both options are “intended to strengthen project viability, protect housing delivery, and maintain momentum toward citywide housing and affordability goals,” said the City, and the pilot program is set to run until December 15, 2027.

Existing below-market rental units are required to be provided at 20% below CMHC city-wide average rents. Through the RDRP, the requirement will be changed to rates that do not exceed city-wide averages for all purpose-built rental units. (One exception is below-market rental units for tenants covered by tenant protection policies, which will remain unchanged.)

The City previously provided examples of what the affordability adjustments would look like in a December report, with the maximum rent jumping from $1,294 to $1,618 for studio units, from $1,470 to $1,837 for one-bedroom units, from $2,052 to $2,565 for two-bedroom units, and from $2,819 to $3,524 for three-bedroom units. In this week’s report, City staff noted that although the change increases rents, they “still reflect up to a 25% discount compared to 2024 market rents for new buildings.”

The new affordability requirements will be codified with a new or amended Housing Agreement, and those projects must also obtain a Stage 1 Building Permit within 24 months of Council approving that agreement.

It’s unclear how many projects have applied and how many projects will go through Stream Two, but nine projects have applied for Stream One. These nine projects, the developers, and the amount of units impacted are as follows:

1434-1456 West 8th Avenue

Developer: PCI Developments
Rezoning Approved: January 2025
Units: 154 rental units, including 31 below-market units

2090 West Broadway (2096 West Broadway & 2560 Arbutus Street)

Developer: PCI Developments and TransLink
Rezoning Approved: July 2024
Units: 256 rental units, including 52 below-market units

2111 Main Street (188 E 5th Avenue)

Developer: Nicola Wealth Real Estate
Rezoning Approved: March 2025
Units: 446 rental units, including 87 below-market units

2535 Carolina Street & 549-569 East 10th Avenue

Developer: HAVN Developments Ltd.
Rezoning Approved: February 2025
Units: 150 rental units, including 31 below-market units

675-689 East 17th Avenue, 3231, 3233-3245 Fraser Street

Developer: Anthem Properties
Rezoning Approved: November 2023
Units: 110 rental units, including 20 below-market units

5630-5668 Heather Street

Developer: Anthem Properties
Rezoning Approved: September 2024
Units: 183 rental units, including 35 below-market units

551 E 10th Avenue (Previously 523-549 East 10th Avenue)

Developer: Fastmark Development
Rezoning Approved: November 2024
Units: 175 rental units, including 33 below-market units

701 Kingsway

Developer: Qualex-Landmark
Rezoning Approved: November 2024
Units: 201 rental units, including 41 below-market units

5562-5688 Manson Street (5570 Manson Street)

Developer: Oakridge Multi-family Development Ltd. Partnership
Rezoning Approved: December 2022
Units: 404 rental units, including 79 below-market units

Of note, of course, is that there are repeat names in terms of the developers of these projects, such as PCI Developments and Anthem Properties, which were not identified in the staff report and were identified by STOREYS.

Also of note is that some of the projects have already broken ground — during the aforementioned exception period.

A few days before Vancouver City Council approved the Rental Development Relief Program, Anthem Properties announced joint venture agreements with an unnamed institutional partner on the two Vancouver projects and said construction was set to commence in early-2026. Last month, Qualex-Landmark broke ground on their project as well, with Council attending the groundbreaking ceremony.

City staff is seeking Council approval this week to make these requirement adjustments, and the new housing agreements for each project will be brought to Council for approval at a later date.

According to the City’s webpage for the RDRP, applications remain open for both Stream One and Stream Two, but the City is recommending that applications be submitted by September 2026 and June 2027, respectively, so they can be processed before the program sunsets in December 2027.

Affordable Housing

Vancouver Eases Affordability Requirements For 9 Rental Projects Under New Development Relief Program

​The City of Vancouver approved the Rental Development Relief Program in December to help improve the viability of projects with below-market rental units.

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