Vancouver, feds reach housing deal that will see 40,000 homes built in next decade

The City of Vancouver and the feds have reached a deal under the Housing Accelerator Fund that they say will lead to over 40,000 homes built in Vancouver over the next decade.

In a news conference at a development in Vancouver’s West Side Friday Morning, Prime Minister Justin Trudeau, flanked by his housing minister and their provincial and city counterparts, said the federal government is stepping up to get needed homes built.

The deal will also see about 3,200 homes fast-tracked over the next three years, Trudeau said.

“The federal government is ready to keep being a partner with all [levels] of government, that are ready to make progress on building more homes, faster,” he said Friday.

Housing Minister Sean Fraser said the agreement will provide almost $115 million from the government’s Housing Accelerator Fund to cut barriers to building housing.

Fraser explained that he was encouraged by recent housing bills in B.C., and the actions by the City of Vancouver on housing.

“One of the great things that gives me great faith that we can actually overcome the challenges we’re facing, is partnerships not only with cities across the country, but with provincial governments that are willing to do the right thing,” Fraser said.

The government said the deal will allow for more high-density housing, speed up development processes, and put more housing near transit.

It also explained that Vancouver will streamline rezoning and expand affordable rental programs, and the initiatives will “significantly improve the way housing is built” in Vancouver.

Vancouver Mayor Ken Sim says the deal is not a gesture, but a collective commitment to providing more housing.

Sim shared that he was “stoked” about the housing announcement Friday, as he remembered the six units on the lot where the news conference was being held, knowing that it will now house many more.

“I look at this development, and we’re gonna see hundreds of people who have homes in the neighborhood that our family loved and it’s going to bring vibrancy and opportunity to this place, and I think this is a great testament to what we’re trying to achieve here today,” he said.

Sim noted he’s excited to see what the city, the province, and the federal government can do when they “roll up their sleeves and work together.”

“It highlights our commitment collectively to delivering housing to Vancouver and to British Columbians, and Canadians,” he said. “And this incredibly generous, and let me stress this is an incredibly generous, $115 million investment from the federal government through the housing accelerator fund will help us build more homes faster.”

Sim shared that the Greater Vancouver region is expected to see another 500,000 people settle in the area by 2050.

“To put that into perspective, that’s about 35,000 people per year. So the time for action is now we have to work incredibly fast and we have to be bold if we want to make a dent in this challenge.”

The federal Conservatives were quick to criticize, highlighting new Canadian Mortgage and Housing Corporation numbers released today showing housing starts across the country dropped more than 20 per cent in November compared with the month prior.