RENNIE OUTLOOK 2025
HOUSING STARTS On the heels of a record year for new housing construction in 2023, starts in Metro Vancouver declined 8% last year to 28,112. This was less than our forecast of 29,900, but still a relatively strong showing at the third-most annual starts in the region’s history (2019 saw slightly more starts at 28,141).
Based on the declining trend for building permits and challenging pre-sale conditions in 2024, our forecast is for a second consecutive year of declining housing starts in 2025.
OUR 2025 OUTLOOK
We expect housing starts in Metro Vancouver to decline by another 13% in 2025, to 24,500. Should new construction activity move in line with our forecast, this would be the third-fewest housing starts in 10 years.
HOUSING COMPLETIONS Though housing starts have been on a declining trend in Metro Vancouver, housing completions have been heading in the opposite direction as the apartments that started construction at record levels in 2023 reach delivery. Our forecast for 25,000 completions in 2024 was realized, with 25,614 homes delivered last year, an increase of 23% year-over-year and a new record for the region. Following two elevated years of housing starts, the number of homes under construction in Metro Vancouver hovered near an all-time high at the end of 2024 at 63,751 units. We expect this to translate into another record year of housing completions in 2025.
OUR 2025 OUTLOOK
Based on elevated housing starts over the past two years and a near-record level of homes currently under construction, we predict housing completions in Metro Vancouver will total 29,000 in 2025. That would surpass last year’s record by 13% and set a new high-water mark for the region.
Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 29, 2025. Data from the Greater Vancouver and Fraser Valley Boards, Statistics Canada, Zonda Urban, CMHC, & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 4
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