The City of Vancouver is falling short of its housing supply target set by the BC province. With only 30.1% of the target achieved halfway through the year, completing just 1,607 units out of 5,202, the city is facing challenges in meeting its obligations. The province has set specific targets for Vancouver’s housing supply over a five-year period:

Year 1: 5,202 units
Year 2: 10,597 units
Year 3: 16,281 units
Year 4: 22,349 units
Year 5: 28,900 units

Despite a shortfall, Vancouver has a substantial number of housing projects in the pipeline, totaling 31,300 units. However, construction progress is subject to various external factors beyond the city’s control, such as cost escalation and construction capacity. City staff acknowledge the need to update the Housing Vancouver Strategy to align with provincial targets and are developing a new 3-Year Housing Action Plan. Both initiatives aim to assess Vancouver’s housing supply response and address the needs of current and future households. The plans will be presented to city council in June.

You can view the full report here.