Vancouver Housing Crisis Meets Solution: 15,000-Unit Project Announced

Metro Vancouver real estate developments are set to change dramatically with several major construction projects completing by 2025. The region buzzes with excitement as 10 of the most important developments promise to alter the map and help solve the housing crisis. Our realtor team knows this market well, and we're excited about what these projects mean for future homebuyers.

Vancouver's construction landscape shows impressive growth with projects spanning homes, businesses, and institutions. The BCIT Tall Timber Student Housing building on BCIT's Burnaby campus stands out as a prime example. This $119.7 million project will offer 470 beds plus common spaces, support facilities, and an outdoor plaza. Sustainability leads the way in Vancouver's developments, and projects like the BCIT Tall Timber Student Housing showcase innovative building techniques. Another notable development at 8460 Ash St. has transformed into a vibrant community with 125 co-op units and 524 market rental units. Residents share amenities like a gym, playground, and courtyard. The Canada Mortgage and Housing Corporation backed this project with $22.8 million through a grant and a low-interest loan for the co-op section.

Our team of Vancouver real-estate brokers believes deeply in our community's future. These ambitious projects create new opportunities for buyers. Thousands of new housing units at different price points help address affordability issues and offer choices to first-time homebuyers and investors. The announcement of a 15,000-unit project signals changes in market dynamics that could help people who haven't been able to break into Vancouver's competitive real estate market.

Government Announces 15,000-Unit Housing Project in Vancouver

Vancouver's housing landscape will see a dramatic transformation as developers propose over 15,000 market-rental units in the Broadway Plan area. Our realtor team keeps track of Vancouver real estate developments, and we believe this massive project could be a game-changer for the local housing market that has faced supply shortages for years.

Project location and scope revealed

This ambitious housing project reaches way beyond the Broadway corridor. A standout development at Pacific and Hornby will bring 1,136 units in two impressive skyscrapers. These towers will stand 40 and 52 storeys tall on a 1.8-acre site at Burrard Bridge's north end. Modern Vancouver tackles housing shortages through vertical development, and this project shows exactly how.

Vancouver's housing strategy packs quite a punch. Through the Vancouver Affordable Housing Endowment Fund (VAHEF), the City manages more than 200 properties. These deliver over 15,000 affordable rental housing units with more projects in development. The City has set new goals to build 10,000 social, supportive, and non-profit co-operative housing units for low-income residents. These projects show how Vancouver now embraces higher density and mixed-use communities.

Timeline and expected completion phases

Many parts of this housing project are moving forward quickly. Some developments have wrapped up construction, like 5085 McHardy Street and 708 Farrow Street, and people will move in soon. Other major sites like 1656 Adanac Street and 3132 Rosemont Drive should be ready by fall 2027.

The City of Vancouver makes things easier by changing zoning rules. Mixed-income social and co-operative housing can now be built without rezoning in all Vancouver neighborhoods. These streamlined regulations will speed up development throughout 2025 and beyond.

Key stakeholders and developers involved

This huge housing project brings together many important players. BC Housing has pitched in CAD 84.99 million to help build 400 new rental homes across five developments. The federal government backs the project with CAD 799.79 million to build 953 new rental homes in Vancouver. This shows how different levels of government work together to solve housing challenges.

Community-focused groups run these developments, including the Hollyburn Community Housing Society, Community Land Trust, VRS Communities Society, Entre Nous Femmes Housing Society, and the M. Kopernik Foundation. These diverse partnerships help meet different housing needs across Vancouver's population.

The Province has built or started more than 93,600 homes across BC since 2017, with nearly 26,400 in Metro Vancouver. This commitment continues with the new 15,000 units. As Vancouver real-estate brokers, we see this construction boom as a great chance for previously priced-out buyers to finally own a home.

Developers Target Key Growth Corridors for Construction

Vancouver's ambitious housing projects have a strategic location that makes perfect sense. The City Council approved the most important zoning changes in the Broadway and Cambie Corridors. These changes created faster and clearer paths for housing development in these transit-rich areas. We've seen these corridors become development hotspots because of their smooth connectivity and strong infrastructure.

Transit-oriented development zones prioritized

Transit-Oriented Development (TOD) stands as the driving force behind Vancouver's real estate developments today. This approach puts high-density, mixed-use development within walking distance of regular transit services. New provincial legislation has marked specific Transit-Oriented Areas (TOAs) within 800 meters of SkyTrain stations and 400 meters of bus exchanges. The areas follow a tiered system based on transit hub proximity. Buildings can reach up to 20 storeys within 200 meters of SkyTrain stations. Properties between 200-400 meters can go up to 12 storeys, while those within 400-800 meters cap at 8 storeys. This creates a natural density pattern that puts more housing near transit while keeping neighborhood character intact.

The City removed minimum parking requirements for residential developments in these areas. This cut down construction costs and opened doors for more affordable housing options. As realtors, we see this as a major change in Vancouver's construction projects. Buyers looking for homes in well-connected areas will benefit greatly.

Integration with existing Vancouver construction projects

These transit-oriented developments blend seamlessly into Vancouver's urban landscape. They help achieve the Vancouver Plan's goals of creating affordable housing and building complete, connected neighborhoods. The Broadway corridor alone has 139 projects in development. These include 15,372 market-rental units, 3,549 below-market rental and social housing units, and over 7.4 million square feet of job space.

The updated zoning creates a variety of housing types. Many projects must include social housing, below-market rental, or secured rental units. The Broadway Plan shows this area could add 41,500 new homes over 30 years, making room for 64,000 more residents. These numbers point to strong growth in areas with excellent transit access - something long-term investors should note.

How this lines up with Vancouver real estate developments

The transit-oriented approach matches Vancouver's long-term housing vision perfectly. The Vancouver Plan tackles the city's housing crisis by boosting supply, diversity, and affordability. It emphasizes different housing types to suit various household needs. Burnaby's Brentwood neighborhood shows this in action, changing from a shopping center into a bustling mixed-use community.

Homebuyers now have exciting new options. The False Creek Flats area is moving away from its industrial roots. Plans include more housing, office spaces, and community amenities. Projects with First Nations groups, like the Jericho Lands in West Point Gray, will add thousands of new homes. These developments create vibrant communities with amenities, services, and excellent transit connections. Today's buyers want exactly this kind of complete community package.

New Units Aim to Balance Market and Affordable Housing

Vancouver faces a severe housing shortage that has pushed the average detached home price to CAD 2.51 million in early 2023. A new 15,000-unit project takes an all-encompassing approach to Vancouver's housing needs. The project will create a balanced mix of housing options at different price points.

Breakdown of unit types: rental, affordable, and market

The city wants to approve 83,000 homes in the next decade with a clear plan: 75% will be rental housing and 20% will be below-market options. The 15,000-unit project includes different types of housing. The breakdown shows 8,500 units (10%) as non-profit social or co-op housing, 5,500 units (7%) as purpose-built below-market rental, 30,000 units (36%) as purpose-built market rental, and 26,500 units (32%) as strata condos. This mix creates new opportunities for buyers with different income levels. First-time homebuyers who couldn't afford Vancouver's competitive market now have a real chance.

How affordability will be managed long-term

Smart funding models and strict regulations will keep housing affordable. The Below-Market Rental Housing Policy caps rents for households that earn less than CAD 111,468 per year. Developers must include affordable units in their market-rate projects through inclusionary zoning, which creates mixed-income communities. The Community Land Trust will manage these properties to keep them affordable whatever the market does. As Vancouver real-estate brokers, we know these steps create stability for everyone and help build communities where essential workers can live close to their jobs.

Comparison with past Vancouver development projects

This project stands out from previous ones in both size and design. The Little Mountain Housing Project created 1,400 homes with 282 social housing units. This new project will deliver many more units in every category. Vancouver's purpose-built market rental housing grew by just 8% from 2017 to 2022. This makes the current project a big deal as it means that previous efforts. Earlier projects focused on either affordable or market housing. This balanced approach creates complete communities with options for all income levels. These developments should help stabilize Vancouver's housing market by adding inventory across all segments at once.

Real Estate Brokers See Opportunity for New Buyers

The announced 15,000-unit project marks a potential breakthrough in Vancouver's challenging real estate market for first-time buyers. The market shows promising signs of balance now. October 2023 data shows a 15.4% increase in new listings compared to the previous year. Inventory levels stand 4.8% above the 10-year seasonal average. This move toward a buyer's market opens up new possibilities for those who couldn't afford Vancouver's competitive prices before.

What this means for first-time homebuyers

Multiple government programs now help first-time homebuyers enter the market. The provincial government lets qualified buyers purchase homes at 40% below market value through a new financing formula. Buyers only finance 60% of the purchase price. Buyers only put down a 5% deposit on 60% of the original market purchase price. This makes home ownership much more accessible. The Bank of Canada's key rate reduction to 2.5% - half the post-pandemic peak - has pushed mortgage rates down. The federal GST relief announced earlier this year saves first-time buyers about CAD 97,535 on a CAD 1.39 million purchase.

How inventory growth could impact pricing trends

Buyers now have more power as inventory levels climb. The region offers about 25,000 resale homes, with 10,000 condos among them. Another 16,000 presale homes are available, including 2,500 newly built units ready to move in. This surge in inventory has pushed prices down. The benchmark price for Vancouver apartments fell to CAD 1,023,283 in August 2025, down 4.4% from CAD 1,070,379 last year. Some developers have cut prices drastically. A Langley development reduced prices on one and two-bedroom condos by up to CAD 139,336 compared to presale prices from two years ago.

Vancouver real-estate broker insights on buyer demand

Our conversations with fellow brokers reveal clear changes in the market. Industry experts say Vancouver's market stays competitive for well-priced properties in sought-after areas. Homes with the right price and move-in condition often get multiple offers. Properties with views, patios, and ready-to-move appeal sell faster. Other properties now take 74 to over 300 days to sell - almost 20% longer than last year. One broker calls these "silver lining" conditions for buyers, as higher inventory has stopped price increases. Lower prices combined with falling interest rates create a rare market condition that happens "maybe once or twice a decade".

Project Expected to Influence Broader Urban Development

This massive 15,000-unit project will revolutionize Vancouver's urban core and its effects will be way beyond the reach and influence of the immediate area. Our housing experts believe these changes will fundamentally alter the region's infrastructure and property markets.

Ripple effects on nearby neighborhoods and infrastructure

Studies show that non-market housing developments don't hurt nearby property values. Market trends around these sites usually match or exceed municipal averages. All the same, infrastructure remains a valid concern since denser housing needs major investment in sewers, water pipes, power lines, and transit. The interesting part is that denser housing actually cuts per-capita infrastructure costs—apartments cost five to nine times less to service than houses.

Potential to inspire similar large-scale projects

Other major developments are already following suit. The Sḵwx̱wú7mesh Úxwumixw (Squamish Nation) Sen̓áḵw project will create 6,000 units, while the Jericho Lands development plans 13,000 homes for 24,000 residents. Both projects illustrate how large-scale developments can embrace green practices—Sen̓áḵw wants to become Canada's first large-scale net-zero carbon housing development.

How this fits into the city's long-term housing strategy

This project lines up with Vancouver's goal of approving 83,000 new homes over the next decade. The strategy focuses on rental housing (74% of all new units) and dedicates 40% of homes to families. These developments should create thriving communities where people can find their ideal homes in connected, sustainable neighborhoods.

What Will the Future Bring?

Vancouver's real estate scene is at a turning point. The announcement of the 15,000-unit project, among other major developments across Metro Vancouver, marks a new era. These bold projects tackle our city's housing crisis through their massive scale and smart connection with transit corridors. The Broadway and Cambie Corridors will grow into lively communities where homebuyers can find homes that fit their budgets and lifestyle needs.

The mix of market and affordable housing units stands out in these plans. Unlike past developments that focused on just one type of housing, this complete approach builds communities with real diversity that last. First-time homebuyers, who couldn't afford Vancouver's high prices before, now have a real shot at owning homes. Government programs offer properties at 40% below market value and need smaller deposits. Lower interest rates also make homes more affordable than ever in our market.

Our experience with Vancouver homebuyers shows these conditions are rare. The current rise in available homes creates what brokers call a "silver lining" moment. This special market situation happens about twice every decade when more homes help control prices while interest rates drop. Buyers now have more power to negotiate, especially since properties stay on the market 20% longer than last year.

These developments will alter Vancouver's urban character way beyond their immediate areas. Building around transit hubs means new communities get great connections while being kind to the environment. Despite some infrastructure hurdles, studies show that denser housing costs less per person to service than traditional single-family neighborhoods.

This change brings more than just new homes - it shows Vancouver's growth into a more open, environmentally responsible, and varied city. We suggest buyers look at these new neighborhoods as places where Vancouver's future takes shape. Smart urban planning, transit connections, and different types of homes create opportunities for buyers at every price point. After years of tough market conditions, Vancouver finally gives real chances of homeownership to people who couldn't buy before.

FAQs

Q1. What is the government doing to address the housing crisis in Vancouver? The government has announced a major 15,000-unit housing project in Vancouver, targeting key growth corridors like the Broadway and Cambie areas. This project aims to increase housing supply across various price points, including market-rate, affordable, and rental units.

Q2. How will the new housing development impact Vancouver's real estate market? The large-scale project is expected to increase housing inventory significantly, which could help stabilize prices and improve affordability. It may also create more opportunities for first-time homebuyers and potentially impact pricing trends in the broader market.

Q3. What types of housing units will be included in the new development? The project will include a mix of housing types, including market-rate condos, purpose-built rentals, below-market rentals, and social housing units. This diverse range aims to cater to various income levels and housing needs.

Q4. How does this project align with Vancouver's long-term housing strategy? This development is part of Vancouver's broader strategy to approve 83,000 new homes over the next decade, with a focus on increasing rental housing and creating more affordable options. It aligns with the city's goals of building complete, connected neighborhoods and addressing the ongoing housing shortage.

Q5. What impact will this project have on surrounding neighborhoods and infrastructure? The project is expected to have ripple effects on nearby areas, potentially spurring further development and infrastructure improvements. It may also inspire similar large-scale projects in other parts of the city, contributing to Vancouver's overall urban development and long-term housing strategy.