Vancouver Falls Short Of Provincial Housing Completions Target After Year One

Vancouver finished the first year at 2,618 rental units and 1,525 strata units, representing 63% and 37% of the 4,143 net new completed units.

According to a City of Vancouver report set to be received by Council during next week's meeting, Vancouver has fallen short of the 5,202 target for the first year, which ended on September 30.

The total net new completed units in this first year was 4,143 — 79.6% of the target. The result may not come as a surprise, however, as a City report earlier this year found that it was on pace to miss the first-year target.

In addition to the net targets, the Province's housing target orders also provide recommendations — numbers to strive for, not requirements — on the breakdown of those housing units, including by tenure, size, and affordability.

Of the 5,202 net new completed units expected for the first year, the Province recommended that 3,745 (72%) be rental units and the remaining 1,457 be strata units (28%).

Vancouver finished the first year at 2,618 rental units and 1,525 strata units, representing 63% and 37% of the 4,143 net new completed units.

Furthermore, of those 2,618 rental units, 2,305 (88%) were market rental units and 313 (12%) were units renting at or below BC Housing's Housing Income Limits (HILs). The Province's recommendations were 62% and 35%, with an additional 3% for supportive rental units, which Vancouver recorded no new completions of in this first year.

By unit size, the Province recommended 40% for studio units, 20% for one-bedroom units, 18% for two-bedroom units, and 22% for three-bedroom units. Vancouver ended the first year with 22%, 28%, 35%, and 15%.