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New Richmond developments could have 25 per cent rental

The amount of rentals would be slightly less outside of central Richmond.
Richmond condos

Up to 25 per cent of developments in Richmond’s City Centre could end up as rentals.

City staff are recommending new large developments have 15 per cent as low-end rentals and 10 per cent as market rental.

Outside of City Centre this would be 10 per cent low-rentals and 10 per cent market rentals.

These new rental requirements would be for developments that are larger than 60 units.

Housing projects smaller than 60 units would contribute a certain dollar amount toward rental housing initiatives instead, unless they choose to build market rentals.

This would be $1.75 per square foot in townhouse developments, $3.50 per square foot for condo developments in the City Centre, and $2 per square foot for condos outside City Centre.

City staff is recommending that “in-stream” applications – applications developers have already been working on with city staff – be allowed to stay at 10 per cent rental as long as it goes to council for first reading within a year.

The rental plan will come to council’s planning committee on Tuesday.

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