At Committee of the Whole on May 25, City staff provided a verbal report to Council, providing an overview of current market conditions and recommending time-limited amendments to the Rental Use Zoning Policy for eligible projects. 

The proposed amendment summary is as follows:

• Pre-Construction Projects 
  • No inclusionary on market rental;
  • Adjust inclusionary rental rates to CMHC median from 20% below CMHC median;
• Under-Construction Projects 
  • Adjust inclusionary rental rates to CMHC median from 20% below CMHC median;
• Time Limited 
  • Must hit required milestones by June 30, 2027 and December 31, 2027.

Staff noted that the report will be coming forward within the next month.