VANCOUVER, British Columbia, April 15, 2024 (GLOBE NEWSWIRE) -- Construction began on a record number of homes in Metro Vancouver last year, at more than 33,000—a 28% increase from 2022—contrary to popular rhetoric that homes are not being built in British Columbia. This is one of the many findings reported in the Spring 2024 edition of the rennie landscape—a semi-annual compendium of factors affecting the housing market in Metro Vancouver, Kelowna, and Victoria out today.
“Though we still need many more homes for the people that are coming to our region—as well as, don't forget, the ones that are already here—it's far from insignificant that we began construction on a record number of homes this past year,” said Ryan Berlin, Head Economist and Vice President of Intelligence at rennie.
“Having said that, this record-setting housing starts activity was not enjoyed by all parts of Metro Vancouver evenly, with more than one-third of municipalities recording below-average starts last year. There's an opportunity to do more,” said Berlin.
These municipalities with potential for housing start opportunities due to their below-average construction include Pitt Meadows, North Vancouver, Delta, New Westminster, White Rock, West Vancouver, and Coquitlam (see: chart).
The Spring 2024 edition of the rennie landscape, produced by rennie’s Intelligence division, also revealed:
- The national unemployment rate is rising because population growth is outpacing job growth—even as Canada continues to add jobs.
- Retail sales and GDP are both rising, but not when adjusted for population growth.
- Interest rate cuts are on the horizon now that inflation is back inside the Bank of Canada’s target range.
- Borrowers are spending more of their incomes than ever to service mortgage debt, even as they take on less new debt overall.
- BC is expected to grow by 2 million people over the next two decades as increasing international migration has led to revised population projections.
- Rental rates are rising in BC as the purpose-built rental market remains undersupplied, with both vacancy rates and turnover rates historically low.
About rennie
rennie brings a thoughtful, trusted approach to real estate, supporting their clients and communities for more than 40 years. A fully-integrated real estate company, rennie offers developer services and advisory services along with their brokerage, rennie and associates realty. Founded on a people-first culture, their growing team of 130+ head office staff and 240+ real estate advisors work seamlessly together to deliver exceptional experiences and service. Collectively, the rennie team provides their clients with the confidence they need to make informed decisions when buying, selling, or building a home or community. To learn more, visit rennie.com.
For more information, interviews, high-res photos, or to request a physical copy of the Spring 2024 rennie landscape, please contact:
Melissa Faulkner
Communications Coordinator
melissafaulkner@rennie.com
A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/485703c6-2e2d-4bd7-82c9-d023882b9fc2
