1 | The Globe and Mail - The future of Vancouver’s rental market

The Globe and Mail - The future of Vancouver’s rental market

Posted on November 17, 2016


Extract: The redevelopment at 3595 Kingsway is a partnership with the non-profit Odd Fellows Low Rental Housing Society, which owns a seniors residence on the site. The rental building will include 44 units of affordable seniors homes as well as 117 capped-rate rental apartments, and some commercial space. The terraced building, six storeys on the Kingsway side, will have a separate entrance for the seniors’ residence at the lower level. The remaining capped-rate units will have access to a rooftop deck, with city views, garden and fireplace area. That view will be a big part of their marketing, Mr. Hungerford says. So, too, will be the 15-minute walk to Joyce-Collingwood SkyTrain station.

Because of the Rental 100 program, “substantial” fees were waived in exchange for capping the rents. And the non-profit society didn’t have to “spend a dime” to get new housing for their seniors, who are low-income and afraid of losing their community as rents rise, Mr. Hungerford says.

“We are very sympathetic to that. We have learned a lot about that segment of our population.”

Read the full article here.