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Pacific Canada  + Canada  + Multi-residential Housing  | 
B.C. Premier David Eby is projecting that 250,000 new homes will be built over the next decade.

B.C. Government Orders Vancouver to Build 28,900 New Homes

The B.C. government has ordered the City of Vancouver to build 28,900 mostly below-market rental homes over the next five years.

The demand, announced in a press release, is part of the government’s broader requirement for 10 of the province’s largest cities to construct 60,000 new homes altogether in that time span. Vancouver’s target dwarfs the nine other municipalities’ mandates.

The government selected the cities and targets in conjunction with the Housing Supply Act, which aims for tens of thousands of homes to be built faster. The provincial requirements call for about 16,800 new below-market rentals.

The province is providing local governments with $10 million in new funding for the continued implementation of the development appeals process review to accelerate and streamline the permitting process. That funding is on top of the $1-billion Growing Communities fund that the province launched in February 2023 and a recent $51-million provincial injection to help municipalities to increase density.

In spite of the pressure his city faces, Vancouver Mayor Ken Sim welcomed the provincial guidelines and funding.

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B.C. MInistry of HousingCity of Vancouver

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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