VANCOUVER — Vancouver officials say that the city, one of the most expensive housing markets in the world, is on track to deliver 72,000 new homes by 2027 thanks to a record number of approvals in 2020.
The city has delivered nearly 40 per cent of the housing strategy target to date, with 28,724 new homes approved so far.
“The fact that this has also been completed within four years means that city council and staff are enabling housing delivery at a pace which can meet the overall target of 72,000 new homes,” reads a release from the city.
Officials noted that last year both secure rental and social and supportive housing saw historically high approval numbers and made up the majority of all units approved.
The city approved 7,899 units in 2020, including:
- 1,326 social and supportive homes
- 2,430 purpose-built rental units
- 3,451 condominiums
- 384 laneway homes
- 290 townhouses
- 18 coach houses
2020 also marked the first time more rental units were approved than homes for sale.
City data shows 52 per cent of units approved were primary rentals, including social, supportive, purpose-built rental housing and laneways, while 48 per cent was owned, including condominiums and townhouses. In 2019, 46 per cent of approvals were for rental properties and 54 per cent were owned.