BRITISH COLUMBIA – BC Housing has released new data showing a record number of purpose-built rental homes built in 2022. This will help with the lack of affordable homes available.
The 2022 New Homes Registry Report showed that 14,546 purpose-built rental homes were registered in BC in 2022. This is the highest yearly total reached since 2002, at which time BC Housing started collecting data. For context, in 2012, BC Housing recorded fewer than 2,000 new rental units registered.
“Our government is responding to the housing crisis by establishing the conditions needed to create a record number of purpose-built rentals started in 2022,” said Ravi Kahlon, Minister of Housing. “In addition to these successful efforts to add much-needed rental homes, 2022 was another banner year for housing registrations overall. Together with the federal government, non-profits and the private sector, we recorded the second-highest number of new home registrations on record, adding crucial housing stock for individuals, families and seniors in BC, including those moving to BC.”
In total, 51,407 new homes were registered in BC in 2022. These include 9,037 single detached homes and 42,370 multi-unit homes. This total is slightly lower than 2021, which was the highest year on record.
Registered new homes data is collected at the beginning of a project, before building permits are issued, making it a leading indicator of housing activity in BC.
Under the Homeowner Protection Act, all new homes in the province are required to be registered with BC Housing which must occur prior to the issuance of building permits or prior to construction commencing in geographical areas where building permits are not required.
By Lise MacDonald