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Rental housing on the rise in British Columbia

DCN-JOC News Services
Rental housing on the rise in British Columbia

VICTORIA, B.C. – BC Housing has released new data indicating purpose-built rental housing registration has increased significantly in British Columbia along with overall home registrations.

According to the December New Homes Registry Report in 2019, 12,289 purpose-built rental homes were registered in B.C., a 64 per cent increase compared to 2018 and more than double the 5,173 rentals registered in 2016.

Purpose-built rentals represented 28.2 per cent of all housing units registered in 2019, up from 16.4 per cent in 2018 and the highest proportion achieved since BC Housing started collecting data in 2002.

“Our government’s record investments in housing affordability, along with measures to reduce speculation in the market and stimulate an increase in rental supply, are delivering much-needed rental homes for people throughout the province. This data is an encouraging sign that we are heading in the right direction and that our policy actions are shifting the market toward delivering more of the right type of housing that meets the needs of the people who live here,” B.C. minister of municipal affairs and housing Selina Robinson said.

The last three years of overall new home registrations are also well above the ten-year average, a BC government news release stated. Registered new home data is also a leading indicator of B.C. housing activity as the data is collected at the beginning of a project before building permits are issued.

The report is available at the BC Housing site.

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