Rental housing at risk of being lost: study.

A Metro Vancouver housing study is warning that thousands of older, affordable, much-needed rental housing units in the area are in danger of being removed from the market due to redevelopment pressures.

Many of the units were built more than 40 years ago under federal government tax incentive schemes – long since ended – and Metro politicians are renewing the call for the incentives to be brought back.

Hillside Villa, a 43 unit apartment tower located at Esquimalt and 17th Street has sold for $15,657,000, representing $364,116 per unit, and a 2.5% cap rate. The tower is located on a half acre site.