The City of Vancouver faces a sluggish start in meeting the provincial government’s housing targets outlined in the Housing Supply Act. Despite a requirement to complete 28,900 residential units by September 2028, only 1,607 units were completed between October 2023 and March 2024, far below the first-year target of 5,202 units. Challenges such as construction delays, rising costs, labor shortages, and material availability contribute to this slow pace. Moreover, the completed units deviate from provincial guidelines in terms of housing tenure, affordability, and size.

Currently, 51% of completed units are rental housing, while the provincial guidance aims for 72% rental and 28% ownership. Additionally, the unit size distribution and affordability levels fall short of provincial targets. However, city staff anticipate an acceleration in completion rates as policy changes, simplification of processes, and zoning reforms take effect.

With over 31,000 residential units at various stages of application, Vancouver would exceed the provincial target of 28,900. Vancouver’s target alone represents nearly half of the total units required across the ten cities under the legislation. The next report, due in November 2024, will provide a comprehensive account of the first full year of the target order.