The project is slated to maintain its affordability levels for around 6 decades
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Earlier this week, the CMHC announced a new $40.2-million investment in a rental housing project in Vancouver to serve the needs of middle-class families, who are laboring under the ever-greater stresses of the market’s affordability crunch.
The CMHC’s Rental Construction Financing initiative will facilitate the construction of Conrad by Cressey Development, comprised of several rental buildings totalling 115 units.
This would be an important addition to a city with a rental vacancy rate of 0.9%, according to the CMHC.
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“Over 60% of the units will have rents at or lower than 30% of median household income in the area and, under an agreement with the City of Vancouver, this affordability will be maintained for 60 years,” the Crown corporation added.
“Development of purpose built rental housing is a critical component in addressing the housing affordability crisis that we face here in Vancouver, and in communities right across the country,” Cressey Development vice president of development Jason Turcotte stated.
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