VANCOUVER — Despite challenges such as interest rates, construction costs and labour availability, the City of 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.
The findings were published recently it the city’s first Annual Progress Report PDF file (1.1 MB) on the Provincial Housing Target Order and Interim Housing Needs Report.
Some of the report’s highlights include:
- 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.
- Currently, there are approximately 58,100 housing units in the development pipeline, including 19,300 recently approved units and 13,700 units under construction. Additionally, 3,200 low-density units (such as laneways, duplexes and multi-plexes) are expected to complete within the five-year period.
- In total, homebuilders are projected to complete 33,700 units within the Housing Target Order period, exceeding the target of 28,900 units.
- Over 7,200 units were started in the past year.
In the first half of 2024, over 2,100 rental units were started, making up more than 57 per cent of regional rental starts. These units are expected to be completed in the next one to three years.
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