housing
YOU CAN’T COMPLETE WHAT YOU DON’T START
After years of neglect, Metro Vancouver’s purpose-built rental market is finally being tended to through the addition of thousands of new homes.
Across Canada, purpose-built rental markets have been the recipients of inadequate attention—at least insofar as new supply is concerned. Here in Metro Vancouver, the stock of purpose-built rental homes has in fact dwindled by 1% since 1991 as the population has expanded by 68%, resulting in one per-capita measure of rental housing prevalence—the number of rental homes per 1,000 residents—declining from 72 to 42 (a 41% drop) over that period.
Has the tide turned in recent years? Data on rental housing completions suggest this might be the case, with the region adding an average of 5,400 purpose-built rental homes annually over the past five years, versus an average of just over 1,300 annually over the prior 25 years. For the sake of a balanced rental market and affordable rents, let’s hope this continues.
SAY WHAT? VANCOUVER RENTAL ADDITIONS OUTPACE TORONTO
EDMONTON 3,859
CALGARY 2,996
MONTRÉAL 12,965
VANCOUVER 6,679
TORONTO 4,282
SOURCE: CMHC DATA: PURPOSE-BUILT RENTAL APARTMENT COMPLETIONS, SELECTED CMA’S, 2021
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