The municipal government proposed a plan to build 72,000 homes in the next decade. 48,000 of those will be rentals. 15,000 of those rentals will be targetted for a lower income household and 6,800 will be for those with extremely low income. Some will also be geared towards social housing programs.
As mentioned in an earlier blog, municipalities in BC are allowing detached, single-family homes to rent out up to 4 suites.
What does all this mean? It means there are measures being taken to settle the astronomical rental prices pushing more and more Vancouverites out of the city. It also means that much needed real estate inventory will be injected into a market starved for just that. The sellers market that we are currently seeing might become more balanced or even flip to a buyers market as these next 10 years approach. We'll be seeing less subject-free offers, less "holding offers until next Monday", less multiple offer scenarios with listing agents holding 12 offers at a time. All this is great for future home buyers...Landlords and home sellers may not think so, but this market is in need of some long awaited corrections. Lets see how it all unfolds.