That’s how long the average household needs to save for the minimum down payment on a non-condo home in Vancouver.¹
That’s the number of households in B.C. paying more than 50 per cent of their gross income on rent, meaning one in six renters are at increased risk of homelessness.²
Rent growth is "driven by large increases in rents of units at turnover." New tenants in Vancouver paid 27 per cent higher rent than previous tenants, when compared to units that didn’t turn over.³
We believe that government and the market on their own can’t solve the complex housing problems we face. There are many organizations with land that want to build affordable housing, but lack the funds to help them reach the construction phase.
The pre-construction phase is one of the most risky stages of development, and financial support (like lending) can often be too expensive or difficult to secure for organizations.
When it was "too risky" to lend to women without a co-signer in the 1950s, or when it was "too risky" to lend to people living East of Cambie Street in the 1940s, we didn't stand by. We were the first to approve their loans.
And now, we're addressing one of the greatest problems of our time. Every time you put money in a bank account, you’re giving decision-making power to that bank. At Vancity, your deposits help build affordable housing by giving organizations access to low-cost pre-construction loans.
By working closely with community partners and with the support of 585,000+ Vancity members, we have been able to support the increase in supply of affordable rental and owned housing.
The Vancity Affordable Community Housing Program, launched in 2011, has so far helped finance:
of affordable rental homes.
to community organizations.
to develop affordable housing.
As for our own branches, when we renovate or build new ones, we work with partners to build affordable homes above our buildings where possible. We invest in our communities and want to put the sites we operate from to more use that benefit our neighbours.
All of this is possible because Vancity members know their money can make a difference, and they choose to bank with purpose here.
How does it work? A portion of day-to-day deposits are lent out to impactful projects that align with our values. On top of that, 30% of our annual net profits are invested back into BC communities.
1961
Vancity is the first financial institution in Canada to provide mortgages to women without a male co-signer. At the time, even if a woman had an income, banks deemed it too risky to provide any loans, let alone mortgages, to women.
1967
Vancity introduces Plan 24 - the first daily interest savings account in Canada which provides a fairer and more accurate way to pay and charge interest. The account model takes off helping credit unions prosper over the next decade.
1971
BC Unity Credit Union (BCUCU), the first credit union to serve the Black community in Vancouver, merges with Vancity.
1983
Vancity joins the first international ATM network (The Exchange) and becomes the first financial institution to offer tax preparation service to its regular members.
1986
Vancity is the first full-service financial institution to offer its own socially-responsible mutual funds - the Vancity Circadian Funds.
1986
Vancity offers Canada's first socially responsible mutual fund, the Ethical Growth Fund.
1988
Vancity is the first Canadian financial institution to offer a Registered Education Savings Plan (RESP).
1989
Vancity members establish the Vancity Community Foundation, a co-operative version of philanthropy.
1990
First in Canada to give 5% of its credit card profits towards local environmental projects. By 2023, Vancity enviroFund™ has given over $14 million in grants to BC organizations.
1993
Vancity offers the first Community Investment Deposit in Canada, providing 1% below normal interest rates which is then passed on to finance community projects.
2001
Vancity members voted to award the first annual $1-million Vancity Award to Better Environmentally Sound Transportation (BEST) to build the Central Valley Greenway—a 24-kilometre pedestrian and cyclist route to run from New Westminster to Vancouver.
2002
Vancity is the first Canadian financial institution to market to the gay and lesbian community through mainstream advertising.
2004
Vancity is the first in Canada to offer specialized financing for energy efficient home renovations through the introduction of Vancity's Bright Ideas Home Financing.
2004
Vancity receives the Best Practices Award from the American Psychological Association for healthy workplaces—a first for any Canadian company.
2005
Vancity is the first financial institution in North America to win a Ceres-ACCA North American Sustainability Reporting Award for its environmental, social and financial sustainability reporting.
2006
Vancity introduces innovative Mixer Mortgage to provide a non-traditional approach to home ownership.
2008
Vancity achieves carbon neutrality; a first for a North American-based financial institution. Through a rigorous emissions reduction program, Vancity reaches this goal two years earlier than planned.
2009
Vancity is the first credit union in Canada to participate in the First Nations Market Housing Fund, which facilitates and broadens the range of housing options for residents of First Nations communities.
2011
Vancity becomes the largest organization in Canada to adopt the Living Wage policy of paying employees and service providers a wage that meets their basic living needs.
2011
Vancity becomes the first financial institution in Canada to recognize a First Nation as a government for lending purposes.
2012
Vancity becomes a founding partner of Reconciliation Canada in support of Indigenous communities and the process of Reconciliation.
2013
Vancity provides a capital grant and pre-development loan to build the Immigrant Services Society of BC (ISSofBC) Welcome Centre, the world's first integrated housing and settlement support services hub for newcomers and refugees.
2014
Vancity launches the Fair and Fast Loan, a sustainable alternative to a payday lender. The loan offers a manageable rate, more flexible payback schedule, and eligibility based on your income—not your credit score.
2015
Vancity opens the Cormorant Island Community Branch; a partnership with the ‘Namgis First Nation and the Village of Alert Bay.
2016
Reconciliation becomes a core value at Vancity, with a commitment to ensure equitable access to opportunities and build meaningful relationships with Indigenous partners.
2018
Vancity partners with the Government of Canada on the Affordable Housing Innovation Fund to provide financing for new affordable rental housing developments.
2019
Vancity signs the GABV Climate Change Commitment pledging to measure and disclose the carbon impact of our loans and investments.
2020
Vancity joins the 50-30 Challenge, a federal initiative to strengthen diversity in corporate leadership in Canada. We aim to exceed this target by having a senior leadership team where at least 40% identify as BIPOC, LGBTQ2S+ and people living with disabilities by 2025.
2020
Vancity was the first Canadian financial institution to join the UN's Collective Commitment to Climate Action and becomes North America's representative on the Board overseeing the implementation of the Principles.
2020
Pigeon Park Savings becomes the only bank in Vancouver's Downtown Eastside to remain open during the COVID-19 pandemic crisis.
2021
Vancity offers the Black Entrepreneurship Program, in partnership with the Federation of African Canadian Economics (FACE), to provide Black business owners and entrepreneurs with barrier-free access to business funding, tailored advice, and more.
2021
Vancity sets ambitious climate commitments, including achieving net-zero by 2040 across all its mortgages and loans.
2021
Vancity Community Investment Bank partners with the Six Nations of the Grand River Development Corporation to refinance the second-largest wind farm in Ontario.
2022
Vancity is the first Canadian financial institution to set reduction targets for financed emissions under the guidelines of the UN Net Zero Banking Alliance (NZBA).
2022
Vancity is the first in Canada to offer credit card holders the option to estimate the carbon footprint that comes from their purchases.
2022
Created with guidance from Elders and our Indigenous colleagues, Vancity develops Wealth Mindset - an Indigenous taught and led financial education workshop that builds financial skills and celebrates Indigenous resilience.
2022
Vancity commits to the Partnership Accreditation in Indigenous Relations (PAIR) certification program by the Canadian Council for Indigenous Business.
2022
Vancity Investment Management (VCIM) commits to reach net-zero by 2040 in its portfolio coverage.
2023
Vancity announced a Financial Health & Inclusion target: To increase the percentage of members who feel confident about successfully managing their financial situation from 74% in 2023 to 80% by 2030.
2024
Vancity establishes net zero goals for our facilities, fleet, and refrigerant leakage operational emissions (scope 1 and 2).
2025
Vancity celebrates bronze-level certification in the Partnership Accreditation in Indigenous Relations (PAIR) program from the Canadian Council for Indigenous Business (CCIB).
2025
Vancity introduces innovative Multiplex Construction Mortgage to combat housing crisis in B.C.
2026
Vancity joins Canada’s Advance Carbon Removal (ACR) coalition as a founding member, becoming the first credit union to join.
2026
Vancity introduces FlexPath Mortgage to expand access to financing for self-employed members and others with non-traditional income.
¹ Source: National Bank of Canada, Housing Affordability Report (February 2024). Based on Q4 2023 non-condo median home price of $1,716,700 in Vancouver and the median household income of $88,114 at a savings rate of 10% pre-tax income.
² Source: Canadian Rental Housing Index, accessed March 2024. Unaffordable rents include people paying 30 per cent or more of gross income on rent and utilities. People paying 50 per cent or more of gross income are considered to be in crisis.
³ Source: Canada Mortgage and Housing Corporation, Rental Market Report (January 2024).
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