Rivermark, 6968 Pearson Way, Richmond BC, Catalyst Community Developments Society

With a rental housing market as challenging as Metro Vancouver’s, it pays to get creative with non-profit housing.

 

In 2007 Richmond’s Affordable Housing Strategy made it a requirement that any new development plan had to make 5% of the total residential floor area into below market rental housing. In 2017, the City raised the quota to 10%, presenting a challenge to developers who are not typically in the business of running rental housing projects.

For example, Intracorp, a North American property developer that began in Vancouver, BC, was creating 31 affordable rental homes in its Rivermark Place development in Richmond beside the Olympic Oval and was seeking a solution for owning and operating the units.