VANCOUVER - Vancouver City Council is contemplating plans to create a new corporation specifically tasked with developing an estimated 4,000 units of market rental housing on six city properties.

The proposal would make the city the sole shareholder in the new corporation and allow for what one official described as "generational wealth for the City of Vancouver."

Brad Foster, the director of the Vancouver Housing Development Office, told council the units would provide very significant revenues to the city on an annual basis once they are built.

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A report to council says the six city properties have an assessed value of more than $411 million and the plan would need $8 million in startup costs.

Foster says development agreements would involve the private sector with the goal to "boost the city's equity position" and its profitability.

The report to council warns that there is risk involved in rental housing development and operation, "ranging from subpar returns on investment to actual financial loss," but says those risks can be reduced with proper safeguards.

This report by The Canadian Press was first published Oct. 21, 2025