麻豆精选 Councillor Ron Cannan wants to see more housing diversity in the city.
At its Monday (Mar. 17) meeting, council gave initial consideration to rezone 12 properties along Bernard Avenue, and D鈥橝njou and Richmond streets to allow a six-storey, 361-unit rental apartment housing building.
Cannan noted that approximately 1,000 rental units are under construction within a five-block area of the proposed project. He asked staff what was being done to encourage developers to build more ownership housing.
鈥淚t seems like all we have is rentals,鈥� he added.
Staff said that Canadian Mortgage and Housing Corporation (CHMC) incentives, which ended in November, have helped encourage more rentals but added that once 麻豆精选鈥檚 vacancy rate is above four to five per cent housing policies can be reviewed.
鈥淚 have concern with the whole block being six-storey rentals,鈥� Cannan said. 鈥淚 think there could be more diversity of housing.鈥�
Coun. Loyal Wooldridge noted that planning staff feel the area is a good fit for rentals and highlighted the work done by the city over the past several years to improve rental housing stock.
鈥淚 fully believe we need to keep our foot on the accelerator because, at the end of the day, in a free market, the market is going to decide what is built."
Coun. Luke Stack pointed out that the city has been trying to catch up on rentals for the past 20 years. 鈥淚 am attuned to Coun. Cannan鈥檚 comments and Coun. Wooldridge. I do think it鈥檚 too early to pivot.鈥�
Stack said he expects CHMC market analysis next year will give the city a clearer direction on housing.
The CHMC鈥檚 2025 Housing Market Outlook stated that rental markets in B.C. are expected to ease with higher vacancy rates slowing rent growth.
Mayor Tom Dyas acknowledged Cannan鈥檚 point on the need for people to buy homes.
鈥淭his is the free market that is looking at us and saying, 'We want to build rental because it鈥檚 financially feasible for us at this point,鈥欌�� Dyas added. 鈥淲e may see that change in the future, and I think it鈥檚 something we need to take advantage of because I believe the pendulum will swing the other way.鈥�
