housing
IF YOU BUILD IT, THEY WILL CO—SCRATCH THAT, THEY’RE COMING—BUILD RENTAL
Metro Vancouver’s well-functioning labour market relies on an adequate supply of rental housing—good thing there’s more coming.
With a near-minimal level of unemployment, new migrants to the region needed to fill jobs, and so many employers looking to move or expand their operations in Metro Vancouver (Amazon being one of many), no one can accuse us of not continually banging the rental drum. But why rental specifically and not all housing more generally? That’s a good question, and one rennie gets asked a lot, so here are the data to answer that. First off, migration plays a crucial role in shaping the growth of this region’s population and economy. In fact, it will account for 100% of the growth inMetro Vancouver's labour force as early as 2022.
Second, the latest Census data show that in comparison to only 22% of non-mover households renting their home, 73% of interprovincial migrants to Metro Vancouver, and 66% of those coming from other countries, choose rental. It’s a good thing, then, that in this region purpose-built rental construction has sharply increased in recent years, with the number of starts over the past 6 years (30,518) almost matching that of the previous 26 years (31,308). It is imperative that we keep it up.
THE RENTERS ARE COMING
100%
90%
22%
36%
80%
48%
51%
54%
70%
66%
73%
60%
50%
40%
78%
64%
30%
52%
49%
46%
20%
34%
27%
10%
0%
ALL HOUSEHOLDS NON MOVERS MOVERS NON MIGRANTS INTRAPROV. MIGRANTS
INTERPROV. MIGRANTS
EXTERNAL MIGRANTS
OWNED
RENTED
SOURCE: 2016 CENSUS CUSTOM DATA TABULATION, STATISTICS CANADA DATA: HOUSEHOLDS BY 5-YR MOBILITY STATUS AND TENURE (PROPENSITY TO OCCUPY OWNED VS RENTED HOMES).
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