Real Estate

Vancouver’s First Modular Housing Project Opens

Posted on February 17, 2017

CityMash.com - Vancouver’s first modular housing project just opened and the city is hungry for more. Is modular housing, prefabricated buildings made up of multiple sections called modules, the answer to Vancouver’s housing crisis?

Vancouver’s first modular housing project is a three-storey building at Main and Terminal where low-income residents can rent an apartment for $375 per month. The building is comprised of 40 units.

The city owns the land that the housing project sits on and promises the modular building will stay there for at least three years. The site is worth $35 million and will eventually be redeveloped into permanent housing.

The city originally budgeted $3.5 million to build the modular project and $220,000 to subsidize rent. But partners such as the Canada Mortgage and Housing Corporation, Vancity and the estate of Jimmy Chow have stepped up to donate funds. The city now only had to pay $500,000 for the build and $60,000 annually in maintenance and operations.

With the low price tag and quick build time of modular housing, the city is keen to start more projects. They designated areas near Joyce-Collingwood and in Southeast Vancouver for their next developments. But residents aren’t so sure. Some are worried about where the project will be and who will be moving in. Some critics also worry that while modular housing may fix a problem, it isn’t a longterm solution.

Businesses, however, are all on board the modular housing train. Many reached out to the city to inquire about building their own modular housing projects to house employees who are having a hard time finding a place in Vancouver’s competitive rental market.

What do you think of modular housing in Vancouver?

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Freelance writer and editor with a strong passion for travel and reality TV shows that were popular in the 2000s. For more on my writing: https://tspadventure.wordpress.com/writers-portfolio/. More articles by Riana Ang-Canning

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