The City of Vancouver aims to approve 83,000 new homes by 2033, exceeding the previous 10-year target by 15%. While the provincial government mandates tracking completed homes, Vancouver staff prefer to count approvals to monitor housing supply, develop policies, and plan effectively. Staff believe this approach allows for quicker adjustments to market conditions. The city will still report completions to comply with provincial requirements.
City staff argue that factors like construction capacity, cost inflation, and financing challenges, especially in a high-interest environment, impact the ability to meet completion targets. They highlight recent requests from developers to extend rezoning payment deadlines due to weak market conditions.
The provincial government’s five-year target demands 28,900 new home completions by 2028, including various types and sizes of housing. However, city staff doubt these targets, particularly for larger family units, can be met without significant financial support from provincial and federal governments.
City staff propose a three-year action plan covering various housing needs and policies to meet the revised housing targets. Council is expected to approve this plan and the new 10-year targets at Tuesday’s meeting.
