VANCOUVER, BC (Oct. 25) – Today, the Executive Director of Community Land Trust (CLT) Thom Armstrong and Mayor Gregor Robertson announced the ground breaking of 140 new units of affordable co-op housing through Vancouver Affordable Housing Agency (VAHA). More than 100 of the 140 homes are designed for families. These include 65 two-bedroom apartments and townhomes and 37 three-bedroom apartments and townhomes.
“This is another example of what the City and the community housing sector can accomplish when we work together. We look forward to leveraging the potential of the City’s new affordable housing endowment fund to deliver even more permanently affordable homes for the citizens of Vancouver.”Thom Armstrong, Executive Director of CHF BC and the Community Land Trust.
“The 140 new affordable co-op homes in the River District will be a very welcome addition to Vancouver’s supply of missing middle housing. These new homes will be affordable for individuals and families bringing in between $41,500 and $125,000 annually, providing more long-term, affordable housing options for people who live and work in our city. Vancouver is leading the region when it comes to building rental housing and, once completed, the River District will be home to the single largest housing co-op in western Canada.”Mayor Gregor Robertson
The combined future developments in Fraser Lands River District will be western Canada’s largest housing co-operative with 418 homes
The new homes are located at 3183 and 3245 Pierview Crescent on a 99-year lease from the City of Vancouver in the East Fraser Lands River District neighbourhood. They are targeted to a wide range of households earning between $41,500 and $125,000 annually. Thirty per cent of the homes are reserved for households earning less than $68,000 annually.
The unit mix in the new development includes 120 studio, one-bedroom, two-bedroom and three-bedroom apartments and 20 two-bedroom and three-bedroom townhomes. Rents will start at $1,038 a month for studios, $1,200 for one-bedrooms, $1,450 for two-bedrooms and $1,700 a month for three-bedroom apartments or townhomes.
The CLT, City and VAHA are currently working together on 12 sites. In total, they will deliver more than 1,500 affordable homes to residents of Vancouver.
The site at 3183 and 3245 Pierview Crescent is part of a portfolio of seven sites that were awarded to the CLT for development by the City in May 2018. This is the first one to break ground. The partnership with CLT on these seven sites represents the largest one-time municipal land investment into the community housing sector in all of Canada. It will result in the development of more than 1,000 new homes. The value of the seven sites is approximately $130 million.
Community Land Trust is a non-profit society established by the Co-operative Housing Federation of BC. Its purpose is to acquire, hold and develop land for homes that are permanently affordable for a broad range of households and incomes. Land held in the community land trust is removed from the market forever. This ensures that it will always create affordable places for people to call home. The CLT is the largest community land trust delivering affordable housing in Western Canada. It is currently the most active community housing developer in the country. The CLT recently opened two buildings in Vancouver, delivering 273 new homes. An additional 220 homes are under construction and will open in early 2019.
The CLT will design, build, finance, operate and maintain this site. It’s expected the building will be complete within two years.
Vancouver Affordable Housing Agency is the largest developer of affordable housing in Vancouver. It works with the City and partners to deliver 2,400 new units of affordable rental housing on 20 City-owned sites.
Media Contact for Community Land Trust: