Port Moody on track to hit first provincial housing targets, but staff ‘unsure’ of completion rate by 5-year deadline

Port Moody is on track to meet provincial house targets for the first two years, but staff are uncertain of completion rate by the final deadline.

Staff submitted their six-month progress report to council on Tuesday, May 14, detailing the status of Port Moody’s in-stream projects and timelines for hitting the province’s five-year targets. The report was received without comment.

In May, 2023, the province announced Port Moody was part of a first cohort of cities to have housing targets placed on them as part of the Housing Supply Act.

By September, 2028, the province estimates the city needs 2,259 new units, but as a minimum, it expects 1,694 (75 percent) to be constructed and available for occupancy.

If Port Moody fails to meet these targets, the province can appoint advisors with “broad jurisdiction,” able to “intervene in bylaw-making and permit-issuing powers,” the report stated.

While there is no shortage of applications in stream – 17 have either completed rezoning, or received a development permit or building permit – the question for staff is whether Port Moody will be able to build fast enough.

Out of the 3,747 approved units, staff are only confident about eight applications which have received building permits, totalling 1,450 units.

Staff said they are “unsure” of how many of the remaining 2,297 units will be completed by the end of the five-year timeline.

There are another 5,746 units currently in the planning process which are anticipated to take occupancy over the next five to 20 years, but these are not expected to meet current provincial timelines, according to the report.

The good news is Port Moody will most likely fully meet its first-year target of adding 260 units.

Since the deadlines were established on Oct. 1, 2023, two multi-family projects on Electronic Avenue and Seaview Drive, along with seven single family homes, have received occupancy, adding 255 units.

While the demolitions ahead of the Coronation Park development resulted in the removal of 47 single-family homes, staff anticipate the first phase of a six-storey St. George Street project will be completed by summer, adding 104 strata units, 58 of which will receive occupancy by end of the year.

Similarly, staff said the city should meet its target for the second year, as two projects on St. Johns Street and James Street are expected to receive occupancy by September, 2025.

Another issue, however, Port Moody is still lagging behind on the number of below-market and non-market rentals, according to staff. Currently, the proposed number of units in the city is lower than targets in the city’s inclusionary zoning and affordable rental policy.

Staff blamed this on a number of factors: the loss of affordable units in the Coronation Park development (which was 43 percent of proposed future units); projects falling below the density threshold required to apply the policy; and market rental projects being exempt from below-market requirements.

Strategies are being worked on to help “close the gap,” according to staff, adding new provincial housing legislation (Bill 16) will establish a new inclusionary zoning tool to allow municipalities to require affordable housing in new projects.

The full year progress report is expected to be received at council in mid-November.