RENNIE OUTLOOK 2024
HOUSING STARTS
Last year we predicted an increase in housing starts in Metro Vancouver (to 27,900); ultimately, we were too conservative, with 2023 tallying just over 33,000—a record high, and a 28% increase over 2022.
Based on the number of building permits issued over the past couple of years and recently pre-sold multi-family projects, we expect another year of relatively robust construction activity. That said, the data point to a decrease in starts next year relative to the record-setting pace of 2023.
OUR 2024 OUTLOOK
While we expect a 10% decline in housing starts in Metro Vancouver in 2024 compared to 2023—to 29,900—this would represent the second-highest annual total in the region’s history.
HOUSING COMPLETIONS
While Metro Vancouver may have started construction on a record number of homes in 2023, the number of homes completed actually declined from 2022. This is mainly due to the fact that the vast majority of homes constructed today are in apartment formats—and they take a long time to build. Last year saw just 20,800 completions, a 3% decline from 2022, while we had predicted a modest increase in 2023. With so many housing starts of late, there is now more under-construction inventory in Metro Vancouver than ever before, and we do expect this to translate into an increase in housing completions in 2024, meaning more homes being delivered to residents of the region.
OUR 2024 OUTLOOK
Based on previous years’ starts counts and the current inventory of homes under construction, we predict housing completions in Metro Vancouver will total 25,000 in 2024, which would be a 21% increase over 2023.
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