30 percent of Metro’s affordable rental homes at risk of redevelopment by 2021
As much as 30 percent of Metro Vancouver’s affordable rental housing stock outside Vancouver is at risk of redevelopment over the next decade, according to a new report reviewed Friday by the Metro Vancouver Housing Committee.
As many as 6,000 units, or 13 percent of the pre-1980s rental stock, may be at risk right now, with the number rising over the next 10 years. (There are many caveats: Vancouver’s stock, which was studied in 2009, was left out of this analysis, the numbers do not include condo rentals or secondary suites, etc. The numbers, however, remain worrisome.)
About one-third of Metro’s 350,000 renters live in older rental housing, which tends to be more affordable. But these units are often located close to transit or in other areas that could be — or should be — getting denser in coming years. That puts them at risk of redevelopment, eliminating these vital units from the housing stock.
Another interesting finding: these buildings are overwhelmingly owned by individual landlords, who tend to own a single building, not rental housing companies with broad holdings.