Metro Vancouver Faces Urgent Call to Build More Affordable Rentals

A new Metro Vancouver report warns that affordable rental construction must surge dramatically to keep up with population growth.

Between 2018 and 2023, only about 430 affordable rental units were built each year — far below what's needed. Going forward, the region would need around 11,400 new affordable rentals annually, a 2,500% jump.

Overall, to meet housing needs, Metro Vancouver must increase its total yearly housing starts from about 23,400 to nearly 38,000 by 2041. Purpose-built rental construction would also need to triple from current levels.

The report points to rapid immigration, rising housing costs, and a rental vacancy rate still below a healthy 3% as key pressures behind the shortfall.