RENNIE OUTLOOK 2020
STARTS
The past year was a bumper year for housing starts in Metro Vancouver, with 2019’s 28,141 starts sitting alone as the most in any year over the past three decades (0.8% higher than the previous high of 27,914 in 2017). Broadly-speaking, this level of residential construction has two main benefits for the region. First, it has positive direct and indirect economic implications ranging from supporting employment and wages, to impacting growth in provincial and municipal government tax revenues. Second, and perhaps more importantly, more homes started today translate directly into more homes completed in the coming years, an essential ingredient for the growth of our economy as it relates to housing availability and affordability.
OUR 2020 OUTLOOK Based on the number of building permits issued region-wide in each of 2018 and 2019 (an average of 27,260 homes, slightly higher than the 26,400 issued in 2017), 2020 is also expected to be a strong year for housing starts. Overall, we expect a similar number of housing starts in 2020 as in 2019 (roughly 28,000).
STARTS
COMPLETIONS
In 2019, Metro Vancouver registered its second-most housing completions since 1990, at 22,603. From the perspectives of economic development and greater housing market balance, this is a positive outcome—and even more so considering the 6,311 rental completions were the most in at least three decades.
OUR 2020 OUTLOOK Given the pattern and composition of recent housing starts, we expect total housing completions in 2020 to fall below the number of new homes that completed in 2019 by about 10% (to 20,000), before increasing back towards 2019’s level in 2021 and in 2022.
COMPLETIONS
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