On June 25th, Council approved in principle updated 10 Year Housing Targets and an accompanying 3 Year Housing Action Plan. A rezoning policy piloting a new approach towards delivering rental housing is also proposed in the report.  

Updated 10 Year Housing Targets 

The report outlined Vancouver’s updated housing targets (2024-2033) which incorporated the recent Provincial Housing Target Order. The target breakdown is outlined as follows: 

3 Year Housing Action Plan 

The accompanying 3 Year Housing Action Plan was proposed to achieve the recommended Housing Targets and implement the Vancouver Plan Housing Vision. The key policy areas and priority actions can be accessed here.

New Rezoning Policy and Middle-Income Housing Initiative 

The proposed policy will pilot a new approach to the delivery of public benefits through the generation of non-tax revenues for the City, rather than through the traditional approach of delivering public benefits from development projects through a Community Amenity Contribution (CAC), either in-kind and/or cash, secured at the rezoning. The proposed Pilot recognizes that the creation of a long-term non-tax revenue stream is a public benefit to the City, as the ongoing revenues generated from these sites can be used to further Council priorities. 

The Pilot enables the Director of Planning to bring forward for consideration by Council up to 5 rezoning applications for exemption from payment or delivery of on-site amenities under the CAC Policy for Rezonings in recognition of the long-term public benefit provided, where the proposals are designed to provide ongoing non-tax revenue to the City. To secure this long-term public benefit, the Pilot requires the project's residential portion to be 100% rental housing, and the non-tax revenue to be secured for the City for 60 years/the life of the building or remain in City ownership.  

More information can be found in the full report by City staff.