Vancouver, B.C. — Vancouver is on track to meet its housing targets, according to its first annual progress report.
The report highlights how, despite challenges such as interest rates, construction costs and labour availability, Vancouver’s development pipeline is on track to deliver a supply of new housing units that meets the provincial housing targets in the full five-year period.
In total, homebuilders are projected to complete 33,700 units within the housing target order period, exceeding Vancouver’s five-year target of 28,900 units.
“Vancouver is stepping up to meet the urgent need for attainable housing across the region,” said Ken Sim, mayor of Vancouver. “By aligning our efforts with provincial targets, we’re paving the way for a vibrant, sustainable future. We’re proud to deliver on our commitment to increasing housing diversity and affordability, ensuring that residents can continue to thrive here now and for generations to come.”
According to the report, between Oct. 1, 2023, and Sept. 30, 2024, homebuilders completed 4,143 new housing units in Vancouver. Those completions represent 80 per cent of the year-one target set by the province. While the delivery of completed housing units over the past two years was impacted by macro-economic factors and the slowdown in housing starts during the COVID-19 pandemic, Vancouver maintains a strong development pipeline.
The report adds that Vancouver’s development pipeline has approximately 58,100 housing units, including 19,300 recently approved units and 13,700 units under construction. Additionally, 3,200 low-density units (such as laneways, duplexes and multiplexes) are expected to be completed within the five-year housing target order period.