Howard is a freelance real estate reporter based in Vancouver who covers the development industry, housing policy, and commercial real estate. He was previously Western lead at STOREYS, where his work was nominated for a Jack Webster award.
The City of Vancouver approved the Rental Development Relief Program in December to help improve the viability of projects with below-market rental units. focused on “supporting development viability and unlocking new housing supply” in response to market conditions that have made it challenging for developers big and small to move forward with projects. “designed to support the viability of mid- and high-rise below market rental housing during challenging financial and market conditions.”
The Rental Development Relief Program consists of two streams, both eligible only to projects with below-market rental units in an area with a below-market rental requirement. The projects also have to be mid-rise or high-rise, be smaller than 1.98 acres, be seeking or have received CD-1 rezoning approval, and have not yet received a Stage 1 Building Permit — with some exceptions for projects that received permits between December 15 and March 20.
Stream One offers eligible projects adjustments to affordability requirements, while Stream Two offers affordability adjustments plus policy relaxations as it relates to height and density. Both options are “intended to strengthen project viability, protect housing delivery, and maintain momentum toward citywide housing and affordability goals,” said the City, and the pilot program is set to run until December 15, 2027.
Existing below-market rental units are required to be provided at 20% below CMHC city-wide average rents. Through the RDRP, the requirement will be changed to rates that do not exceed city-wide averages for all purpose-built rental units. , with the maximum rent jumping from $1,294 to $1,618 for studio units, from $1,470 to $1,837 for one-bedroom units, from $2,052 to $2,565 for two-bedroom units, and from $2,819 to $3,524 for three-bedroom units.
In this week’s report, City staff noted that although the change increases rents, they “still reflect up to a 25% discount compared to 2024 market rents for new buildings.” The new affordability requirements will be codified with a new or amended Housing Agreement, and those projects must also obtain a Stage 1 Building Permit within 24 months of Council approving that agreement.
It’s unclear how many projects have applied and how many projects will go through Stream Two, but nine projects have applied for Stream One. These nine projects, the developers, and the amount of units impacted are as follows: Of note, of course, is that there are repeat names in terms of the developers of these projects, such as PCI Developments and Anthem Properties, which were not identified in the Also of note is that some of the projects have already broken ground — during the aforementioned exception period. with an unnamed institutional partner on the two Vancouver projects and said construction was set to commence in early-2026. Last month, Qualex-Landmark broke ground on their project as well, with Council attending the City staff is seeking Council approval this week to make these requirement adjustments, and the new housing agreements for each project will be brought to Council for approval at a later date.
According to the City’s webpage for the RDRP, applications remain open for both Stream One and Stream Two, but the City is recommending that applications be submitted by September 2026 and June 2027, respectively, so they can be processed before the program sunsets in December 2027.
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