February 20, 2006 NOTICE TO THE GREATER VANCOUVER HOUSING CORPORATION BOARD OF DIRECTORS You are requested to attend a Regular Meeting of the Greater Vancouver Housing Corporation Board of Directors to be held at 9:30 am on Friday, March 10, 2006 in the 2nd Floor Boardroom, 4330 Kingsway, Burnaby, British Columbia. A G E N D A 1. ADOPTION OF THE AGENDA 1.1 March 10, 2006 Regular Meeting Agenda Staff Recommendation: That the Greater Vancouver Housing Corporation Board of Directors adopt the agenda for the Greater Vancouver Housing Corporation Board of Directors regular meeting scheduled for March 10, 2006 as circulated. 2. ADOPTION OF THE MINUTES 2.1 February 17, 2006 Special Meeting Minutes Staff Recommendation: That the Greater Vancouver Housing Corporation Board of Directors adopt the minutes of the Greater Vancouver Housing Corporation Board of Directors special meeting held February 17, 2006 as circulated. 2.2 November 25, 2005 Special Meeting Minutes Staff Recommendation: That the Greater Vancouver Housing Corporation Board of Directors adopt the minutes of the Greater Vancouver Housing Corporation Board of Directors special meeting held November 25, 2005 as circulated. 3. DELEGATIONS No delegations presented. 4. REPORTS FROM COMMITTEE OR STAFF 4.1 GVHC Board Orientation Designated Speaker: Don Littleford 4.2 2005 Vacancy Summary; Forecast 2006 Designated Speaker: Don Littleford Staff Recommendation: That the GVHC Board of Directors receive the report dated January 20, 2006, titled “2005 Vacancy Summary; 2006 Forecast” for information. 4.3 Defamation Designated Speaker: Don Littleford Staff Recommendation: That the GVHC Board of Directors receive the report dated February 24, 2006, titled “Defamation” for information. 5. INFORMATION ITEMS 5.1 GVHC Housing Portfolios Binder Designated Speaker: Don Littleford Staff Recommendation: That the GVHC Board of Directors receive the “GVHC Housing Portfolio Binder” for information. (on-table) 5.2 Manager’s Report (verbal) Designated Speaker: Don Littleford Recommendation: That the Committee receive the “Manager’s Report” for information. 6. OTHER BUSINESS No items presented. 7. RESOLUTION TO CLOSE MEETING No items presented. 8. ADJOURNMENT 4.2 Greater Vancouver Housing Corporation Tel. 604 432-6300 Fax 604 436-6960 GVHC Board Meeting Date: March 10, 2006 To: Greater Vancouver Housing Corporation Board of Directors From: Don Littleford, Manager, Regional Housing Date: January 20, 2006 Subject: 2005 Vacancy Summary; 2006 Forecast Recommendation: That the GVHC Board of Directors receive the report dated January 20, 2006, titled “2005 Vacancy Summary; 2006 Forecast” for information. 1. PURPOSE To summarize 2005 GVHC vacancy rates and forecast 2006 trends. 2. CONTEXT 2005 in Review: Vacancy statistics are presented to the GVHC Board at the end of each quarter. To understand the significance of the statistics, they are presented by management area, by portfolio and by municipality. GVHC vacancies dropped progressively during the year (attachment 4) reflecting a focus on vacancy management as a top priority for the corporation. At the present time, average vacancy throughout the GVHC’s properties stands at about 1.5% which is under CMHC’s average of 2.4%, recently revised by CMHC in October to 2.7%. 70% of GVHC tenants pay “lower end of market” (or “LEM”) rents and the remaining 30% are subsidized to varying degrees under different programs to promote balanced affordable housing communities. LEM renters are essentially “market” renters who have other choices in the rental market. The GVHC must therefore compete with other landlords and a focus in 2005 was to improve the condition and visual appeal of the complexes as well as the GVHC’s reputation on maintenance response and quality of repairs. As well, property supervisors and staff went through Customer Service training early in the year to become more customer service oriented. These steps appear to be making a difference. 4th Quarter Vacancy by Portfolio: The GVHC’s housing complexes can be segregated into five different portfolios. A portfolio basically represents a specific partnership arrangement with a senior level of government. Each portfolio is characterized by either an operating agreement with Canada Mortgage and Housing Corporation (“CMHC” – which includes “Section 95” and Section “27” portfolios) or BC Housing Management Commission (BCHMC). One portfolio, comprising two seniors complexes, is a partnership with both BCHMC/CMHC. Finally, the GVHC has several properties that are not under any operating agreement. Attachment 1 provides a summary of vacancy information by portfolio. 4th Quarter Vacancy by Municipality: Vacancy by municipality is shown in Attachment 2. GVHC rates currently compare favourably to CMHC statistics for all municipalities (attachments 3a-3d) with the exception of Vancouver. 4th Quarter Vacancy by Property Management Area: The GVHC has four property management areas, roughly dividing the region into 4 geographical quadrants: NW, NE, SW, and SE. Each area has one Property Supervisor responsible for all aspects of property management activities within that area. Attachments 3a-3d show vacancy in each area, and by municipalitiy in each area. Results for the 4th quarter are strong in all areas. 2006 Vacancy Prognosis: Despite higher levels of rental housing demand due to immigration and in-migration, the overall rental market remains balanced. On the supply side, thousands of condominiums are being built, and some of these find their way onto the rental market. As well, some existing rental units become available for rent as certain tenants make the jump and become first-time home buyers. All in all, the balance of supply and demand will likely result in a continued rental market with vacancies in the 2-3 percent range, on average throughout the GVRD region. 3. ALTERNATIVES Not Applicable. 4. CONCLUSION GVHC vacancy rates in the fourth quarter are low and reflect a steady decrease in 2005. The goal will now be to maintain these rates. Overall, vacancy in 2006 throughout the region should be in the range of 2 to 3 percent. Attachments Document: 4228630 Greater Vancouver Housing Corporation Attachment 1 4th Quarter Vacancies by Portfolio Average Rentable Units Vacant 4th Ref. Portfolio Sponsor Total Units Quarter* Vacancy CMHC/BCHMC 121 2.67 2.21% 3 BCHMC 304 3.33 1.10% CMHC Section 27 566 6.67 1.18% 1 CMHC Section 95 2310 36.33 1.57% 2 GVHC 80 1 1.25% TOTALS: 3381 50 1.48% 1 DES: Hugh Bird 64 1 DES: Franklin 32 2 Regal Place 40 3 Claude Douglas 39 3556 1. Excluding DES: Hugh Bird, Franklin 2. Excluding DES: Regal Place 3. Claude Douglas is BCHMC * Excluding units shut down for water ingress or fire 004342589 1 Greater Vancouver Housing Corporation Attachment 2 3rd Quarter Vacancies by Municipality Average 4th Quarter Vacant Average 4th Quarter Municipality Total Units Units Vacancy Port Moody 148 0.00 0.00% Vancouver (Tivoli) 151 0.00 0.00% North Vancouver 141 0.33 0.24% Port Coquitlam 315 1.67 0.53% Burnaby 248 2.00 0.81% Coquitlam 268 2.33 0.87% Richmond 636 8.00 1.26% Vancouver ** 508 7.00 1.38% Delta / Ladner 89 1.33 1.50% New Westminster 170 3.40 2.00% Maple Ridge 48 1.02 2.13% Surrey 659 20.75 3.15% 3381 ** Excluding DES (Hugh Bird, Franklin) ** Excluding Contract Managed Units (Regal Place, Claude Douglas) 004341907 1 Attachment 3a Greater Vancouver Housing Corporation Average 4th Quarter Vacancy - South West Area Vancouver (Tivoli 0.7% Gardens only) 0.00% 151 units Richmond 1.26% 2.7% 636 units Average 4th Quarter Vacancy Delta / Ladner 1.50% 89 units 5.7% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% CMHC 2005 Vacancy rate produced yearly in October 004341907 SOUTH WEST AREA Attachment 3a Greater Vancouver Housing Corporation 4th Quarter Vacancy Statistics October October November November December December No. of October November December Average Area Program Complex No. Not Net Not Net Not Net % Municipality Units Vacancies Vacancies Vacancies Vacancies rentable Vacancies rentable Vacancies rentable Vacancies SW BCHMC Maplewood H404 26 0 0 0 0 0 0 0 0 0 0.00 0 Richmond SW BCHMC Odlinwood H403 48 1 0 1 0 0 0 0 0 0 0.33 Richmond 74 1 0 1 0 0 0 0 0 0 0.33 0.45% SW CMHC/BCHMC Alderwood Place H302 48 3 0 3 3 0 3 2 0 2 2.67 Richmond SW CMHC/BCHMC Cedarwood Place H301 73 0 0 0 0 0 0 0 0 0 0.00 Richmond 121 3 0 3 3 0 3 2 0 2 2.67 2.20% SW Section 27 Minato West H105 110 3 0 3 1 1 1 0 1 1.67 Richmond 110 3 0 3 1 0 1 1 0 1 1.67 1.52% SW Section 95 Evergreen Downs H217 38 0 0 0 1 0 1 0 0 0 0.33 Delta SW Section 95 Lynden Court H225 51 1 0 1 1 0 1 1 0 1 1.00 Delta SW Section 95 Adelaide Court H211 68 4 0 4 3 0 3 0 0 0 2.33 Richmond SW Section 95 Knightsbridge I H227 80 1 1 0 2 2 0 1 1 0 0.00 Richmond SW Section 95 Knightsbridge II H238 80 0 0 0 1 0 1 1 0 1 0.67 Richmond SW Section 95 Maple Vine Court H223 82 1 0 1 0 0 0 0 0 0 0.33 Richmond SW Section 95 Moffatt Park H239 21 0 0 0 0 0 0 0 0 0 0.00 Richmond SW Section 95 Tivoli Gardens H208 151 0 0 0 0 0 0 0 0 0 0.00 Vancouver 571 7 1 6 8 2 6 3 1 2 4.67 0.82% TOTALS: 876 14 1 13 12 2 10 6 1 5 9.33 1.07% Average 4th Quarter South West Vacancy = 1.07% 004341041 4 Attachment 3b Greater Vancouver Housing Corporation Average 4th Quarter Vacancy - North West Area Vancouver 0.7% 1.37% (excluding Tivoli Gardens) 459 units Average 4th Quarter Vacancy North Vancouver 0.24% 0.6% 141 units 0.00% 0.50% 1.00% 1.50% CMHC 2005 Vacancy rate produced yearly in October 004341907 NORTH WEST AREA Attachment 3b Greater Vancouver Housing Corporation 4th Quarter Vacancy Statistics October October November November December December No.