Rents drop, rental unit number problems and new rental funding

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Good morning,

One thing I’ve noticed in my time walking around the city is the massive price variation between big chain grocery stores and smaller independent competitors. It’s got me wondering why that’s the case, and if one potential solution to expensive groceries is more of what these independent grocers are doing.

Would you be interested in a bigger story on this? Vote on the poll below and let me know.

Let’s get to today’s main stories.

— Geoff Sharpe, Lookout managing editor

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WEATHER

Friday: 8 🌡️ 4 | 🌤️

Saturday: 6 🌡️ 4 | 🌧️

Sunday: 9 🌡️ 4 | 🌧️

Monday: 7 🌡️ 3 | 🌧️

HOUSING

Rents drop, rental unit number problems and new rental funding

While it’s been a tough few years to be a renter, there is some good news on the horizon, both in the short term and long term.

What happened: A new report from Desjardins says that rent inflation should slow down in the next few years, primarily due to the federal government’s decision to reduce immigration numbers, according to CityNews. 

Background: The federal government’s reduction in immigration, from 485,000 to 395,000 in 2025, 380,000 in 2026 and 365,000 in 202, will mean a population decline of 0.2 per cent over the next year, according to CBC. To understand the impact of immigration on population, 97.6 per cent of Canada’s population growth was a result of new immigrants. 

• In Vancouver: The Metro Vancouver region receives around 11 per cent of new immigrants in Canada, according to Vancouver is Awesome.

How it impacts rent: The report notes that the majority of newer residents rely on rental housing when they arrive, meaning the demand for rentals will drop. 

Recent data: A report from liv.rent shows that while rents are still historically high, the last five months have seen Vancouver rents stay below the 2023 average. While rental prices for unfurnished one-bedroom units ($2,528) have fallen in price this month, two-bedroom ($3,241) and three-bedroom ($3,941) apartments continue to rise. 

• The most expensive neighbourhoods for rentals continue to be Downtown ($2,772), West Point Grey/UBC ($2,685) and Dunbar-Arbutus ($2,643). 

Challenges building affordable rentals

Just like current rental news is a mixed bag, so too is the latest report from the city on building future new rental housing. 

What happened: The city said in its latest update that they are 20 per cent below the provincially mandated housing target for the year, adding 4,143 net new homes, short of the 5,202 goal, according to Vancouver Sun. The city says they expect to meet and exceed future homebuilding goals, but the challenge is more with affordable housing. 

But the city has only added 313 units of their 1,405 target for affordable rental homes this year. City staff say meeting that goal will be incredibly challenging without financial support from other levels of government. While there are 6,000 units planned, it would cost around $750 million to hit the actual provincial target. 

Zoom out: The province has set a goal for 4,000 new affordable rental housing units across BC to be built through their BC Builds program, according to the Vancouver Sun. The project fills a gap that is missing in the housing system, where there are many supports already established for lower-income residents, but less so for middle income families who do not qualify for BC Housing subsidized units. The province has identified 20 sites across BC, with many in Metro Vancouver. 

Feds announce new rental housing funding

What happened: Yesterday the federal government announced $574 million to invest in 950 new rental homes in Vancouver, according to CityNews. The funding is fromthe $55 billion Apartment Loan Construction Program.

Background: The program targets loans for the riskiest part of a development, from construction to stabilized operations, according to the Canadian Mortgage and Housing Corporation. While there are many different criteria, one of them is that a minimum of 20 per cent of units must have affordable rents at or below 30% of median household income in that market. 

• The loans will fund three projects, including one at Harwood and the West End and one on Richards Street.

Results so far: The program has invested in 53,000 rental homes so far, deploying $20.65 billion in loans.

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VANCOUVER NUMBERS

🚰 60%: The percentage of tunnel construction that’s been completed, which will provide drinking water to Metro Vancouver from the North Shore once finished. The project is expected to take another two years. Currently they’re building under Stanley Park. [Vancouver Sun]

🚆 2 hours and 42 minutes: The amount of time it took someone to stop at all SkyTrain stations while riding the SkyTrain. They started at Bridgeport and then ended at VCC-Clark. [Reddit]

🏫 112: The decline in courses taught at Langara College due to the drop in international student enrollment. This will also mean job losses as fewer teachers are needed to teach classes. [Vancouver Sun]

THE AGENDA

💰 Whitespot Building? Rogers Pool? City council approved a plan to expand the scope of corporations naming city-owned facilities in an effort to raise revenue and reduce the need for higher property taxes. This does not apply to parks, streets, libraries or police assets, so have no fear that the Cactus Club Vancouver Police Department will never exist! [Global News]

🏢 Main and Union in Chinatown will be getting 100 new social housing units, organized by the non-profit Hogan’s Alley Society. The facility will also act as a hub for the Black community in Vancouver and include mixed-use such as commercial sites on the ground floor. [CTV]

🪧 Well that was quick. As part of the mandated back-to-work order by the Canada Industrial Relations Board, all striking workers at BC ports were required to return back to work yesterday as the Board prepares to issue a binding arbitration agreement. [CityNews]

🌧️ If you were looking forward to the Grey Cup drone show, fear not. While the show was cancelled on Wednesday due to weather, the event is now planned for Friday at 9:30 pm above the Vancouver Convention Centre. [CityNews]

🖼️ The Eastside Culture Crawl is on now. In an exclusive story, Nate sat down with a few of the artists and the organization to check in on how the event is going and the challenges it’s facing in the coming years.

👮 Police raided the home of a Palestinian activist and the co-ordinator of the Samidoun Palestinian Prisoner Solidarity Network, which is now officially a terrorist organization. Police say it was part of a hate crime investigation. [Global]

🏢 It’s the first, but it certainly won’t be the last. The first tower of the Broadway Plan was approved unanimously by council last night. The building is a 19-storey rental highway near Main and Fraser. [CityNews]

😷 A flight from Whitehorse to Vancouver was carrying someone with whooping cough on Nov. 6. If you were on that flight, which left at 11:45 am, you may have been exposed. Those between rows 17-22 were at greater risk of exposure. [Vancouver is Awesome]

INFRASTRUCTURE

Costs continue to grow for the city’s FIFA World Cup programs

It wouldn’t be a construction project without costs rising.

What happened: Council approved a request to increase the cost of a construction contract for the PNE Amphitheatre which will develop a venue for a six-week fan festival during the FIFA World Cup in 2026, according to the Vancouver Sun. It comes as the city is already dealing with cost overruns associated with the World Cup.

Details: In the grand scheme of costs, it’s not huge. The price rose from $3.9 million to $8 million after the contract was awarded two years earlier. It’s not a huge cost, especially when compared to the price for the Amphitheatre renewal, which is pegged at $137.5 million, up from $65 million in 2021. 

• The area will be designated a fan zone from June 11 to July 19, 2026, though no details have been announced on programming or other specific events, according to Daily Hive. 

The venue: The upgraded amphitheatre will include 10,000 seats and be set up to stay open later in the season than the old one, due to a covered roof.

Good news: The city says the entire project budget will likely be under the $137.5 million budget.

RESTAURANT REVIEW

Pax Romana imbues creativity into Spanish cuisine

Commercial Street feels like a balm to the overly commercialized newer Vancouver neighbourhoods like Olympic Village. Low-hanging buildings, Middle Eastern and Indian grocers selling affordable goods, Italian coffee shops full of large men sipping espresso and yelling at the soccer screens. It’s a vast tapestry of people and cultures, all existing in a sea of tranquillity.

While the restaurant, Pax Romana, was named after a 200-year period of peace and property ushered in by the Roman Empire around 27 BC, the unassuming Spanish tapas restaurant at 1670 Commercial Dr., could very be the standard bearer for the neighbourhood.

The place exudes elegant simplicity, with white-marbled tables and dark red walls adorned with Roman sculpture-like murals. It’s the little flourishes rather than ostentatious design elements that make it feel warm and comforting. No blaring music here.

Read the review

EVENTS GUIDE

Grey Cup Events | Multiple locations, dates and times | It’s Grey Cup weekend and that means a ton of events and parties all weekend long | List of events

Arthur Erickson: Beauty Between the Lines | VIFF Centre | Opens Tonight, 6 pm | New documentary offers the most complete account so far of the life and work of Canada's greatest architect | Learn more [Sponsored]

Vancouver Tech & Finance Networking Event | Isabella’s | Nov. 15, 10 pm-12 am | Come network and meet others in the tech and finance industry in this stylish event | Tickets $12

Under $100 Art Show Vancouver | 708 Powell St | Nov. 15-17 | 100 artists selling thousands of pieces of art for under $100 | Tickets $13

Vancouver's North Shore Craft Beer Week Wrap Up Party | The Pipe Shop | Nov. 15, 5 pm-10 pm | One last party to celebrate Craft Beer Week, with music, food trucks and of course, beer | Tickets $44

Chinatown Winter Solstice: Frame & Paint | Chinatown Plaza Mall | Nov. 16, 1 pm | Learn how to craft your own fabric picture frame and customize it with various techniques and decorations | Free

Indoor Tailgate Ft. Tebey and The Heels | Vancouver Convention Centre West | Nov. 17, 10 am-2 pm | Indoor tailgate party featuring music, food and more | Tickets $175

Dead Poets Reading Series | Massy Arts Society | Nov. 17, 3 pm-5 pm | Readers share and read select workers of their favourite dead poets | Free

The Art of Street Photography in Vancouver's Downtown | 725 West Georgia Street | Nov. 17, 1 pm-3 pm | Discover the art of street photography with tips and tricks to enhance your skills | Tickets $28

Ryan Holiday Live in Vancouver: The Stoic Life | 777 Homer St | Nov. 18, 7:30 pm | Come see the popular New York Times #1 selling author share his insights on stoicism | Tickets $70

PHOTO OF THE DAY

Thanks to reader sam who informed me Wendesday’s zen-like image of raked-up leaves was in Pandora Park!

I always love a good historical image. Here’s a shot of Vancouver in the 1970s. You can see how different not only the city is, but the entire region.

COMMUNITY HIGHLIGHTS

• A zip-line is now open in this downtown spot. [Daily Hive]

• Discover Vancouver’s tastiest plant-based restaurants and score HUGE deals with this new, local, 100% Plant-Based Deals Web App! [Sponsored]

• This is where celebrity Owen Wilson loves to eat in Vancouver. [Straight]

• The otters rescued by the Vancouver Aquarium in the summer are growing (and are still extremely cute). [CityNews]

• This is the cheapest flight I've seen between Vancouver and Montreal. [Vancouver is Awesome]

• Want to have your announcement featured? Learn how here.

VANCOUVER WORDLE

Think you can guess today’s Vancouver Wordle? Play here.