The District of North Vancouver’s Housing Reserve Fund is projected to be fully allocated within the next five years, with staff warning that the current approach to supporting affordable housing is not financially sustainable over the long term.
The warning appears in a September 24 report included in the October 5 council agenda. The report reviews the District’s direct and indirect contributions to affordable housing projects since it adopted its Official Community Plan in 2011.
Staff estimate those contributions at $279.8 million as of July 2026, comprising $157.2 million in direct support and $122.6 million in indirect support.
The total includes foregone community amenity contributions, waived development charges and permit fees, District-funded servicing, the value of land made available through nominal leases and reduced municipal tax revenue.
It therefore represents a broader estimate of financial support and opportunity costs, rather than a tally of cash spending.
The report identifies support for 1,691 new affordable housing units across 28 projects and preservation of another 94 units in two existing projects. The inventory includes projects at different stages of development, and its unit and bed counts include care beds.
The Housing Reserve Fund had a balance of approximately $27.4 million on December 31, 2025. The District contributes $595,000 annually, adjusted for inflation, including approximately $200,000 from its share of short-term accommodation tax revenue.
Staff say they will explore alternative valuation approaches that better capture the value created through additional development density and generate funding for affordable housing.
The work will consider approaches used elsewhere, including Port Moody’s cash-in-lieu rates for density above provincial baseline requirements, as a potential benchmark for future District policy.
The report also describes constraints created by the shift from negotiated community amenity contributions to the provincial amenity cost charge framework.
Certain affordable housing developments are exempt from amenity cost charges. Staff say those exemptions reduce development costs but do not remove the need to fund amenities for a growing population.
Since the previous report in 2024, an additional 184 new affordable units have been secured in the District’s four growth centres. Significant approvals include 72 units at Seylynn Centre, 48 at Maplewood Gardens and 32 at Lynn Valley Mall.
The report says affordable housing delivery relies heavily on partnerships with senior governments, non-profit providers and community organizations.
Council is scheduled to receive the report for information on October 5. It does not seek approval of a new funding model.
Source: District of North Vancouver October 5 council agenda package.
