New reports signal progress for B.C. renters as new affordable rentals open in Vancouver

Media Contacts

Ministry of Housing and Municipal Affairs

Media Relations
236 478-0251

BC Housing

Media Relations
media@bchousing.org

Backgrounders

What people are saying about the new homes

Ken Sim, mayor, Vancouver –

“These new affordable homes in the River District are a testament to our commitment to creating a more inclusive and affordable Vancouver. By working together with our partners, we are not only providing much-needed housing but also building vibrant communities where families, seniors and individuals can thrive. This project is a significant step forward in ensuring that everyone in Vancouver has a place to call home.”

Melissa Giles, managing director, BC Rent Bank –

“Many renters in B.C. are just one emergency away from missing rent and facing eviction, which is both disruptive and expensive. Thanks to the Government of B.C.’s support, BC Rent Bank helped over 2,500 renters stay in their homes last year, saving renters and taxpayers $27.5 million in avoided costs.”

Vincent Tong, CEO, BC Housing –

“BC Housing’s continued collaboration with non-profit partners like Community Land Trust and municipalities like the City of Vancouver are integral to supporting the delivery of much-needed affordable homes here and around the province. These 337 new homes at 3338 Sawmill Cres., funded through the Building BC Community Housing Fund, are a great example of what working together in partnership to move housing forward looks like.”

Thom Armstrong, CEO, Co-operative Housing Federation of BC and Community Land Trust –

“The Co-operative Housing Federation of BC is thrilled to welcome a new housing co-op to Vancouver’s River District as part of the Community Land Trust’s growing portfolio of co-op homes. We’re also honoured to play a role in advancing Indigenous-led housing solutions through our partnership with M’akola and we look forward to welcoming more than 300 households to their new homes.”

Kevin Albers, CEO, M’akola Housing Society –

“Increasing the supply of safe, affordable Indigenous housing throughout B.C., including on the traditional territories of the Musqueam Indian Band, Squamish Nation and Tsleil-Waututh Nation in Vancouver, is crucial for the well-being of families and communities. These new homes at Sawmill will provide safety, security and stability for generations of families. This project marks a new journey of partnership with the City of Vancouver, Community Land Trust and M’akola Housing Society, as we introduce our first homes in Vancouver.”

Progress delivering homes for the people who live and work in B.C.

The Province is delivering more than 90,000 homes, with actions underway to help deliver thousands more over the next ten years. Through recent legislative changes to increase the supply of small-scale multi-unit housing and homes near transit, experts estimate that as many as 300,000 additional net new homes will be built. 

New reports show three years of historic increases in annual rental starts and a decrease in average rents in B.C.

  • According to Canada Mortgage and Housing Corporation, 18,741 rentals started construction in B.C. in the last 12 months – the most rental starts ever in a year and the third consecutive year B.C. has set a new record high. To know more, visit: https://doi.org/10.25318/3410013701-eng 
  • Apartment rents in B.C. are down 4.9% for one-bedroom units and rents are down compared to the previous year for five consecutive months, compared to 2023. To know more, visit: https://rentals.ca/national-rent-report#provincial-overview

The Province is also marking two other milestones at the close of 2024 as it continues to deliver homes people need:

  • Construction on many BC Builds projects that were announced less than six months ago has already started as part of the effort to build 8,000 to 10,000 rental homes for families with middle incomes, with more projects being added every day. To see a map, visit: https://www.bcbuildshomes.ca/ 
  • Rental Protection Fund has helped purchase more than 1,500 homes throughout the province in partnership with non-profits. The fund is well on track to exceed its 2,000-home target ahead of schedule, with thousands more under consideration. For more information, visit: https://rentalprotectionfund.ca/

The Province is working to deliver more homes for renters in B.C., including:

  • Driving the construction of more homes that middle-class people can afford, such as row homes, duplexes and townhomes, by fixing outdated zoning rules.
  • Leveraging unused and underused government- and non-profit-owned land to build more middle-class homes quicker.
  • Turning short-term rentals, such as Airbnbs, back into long-term homes for people by reining in the out-of-control short-term rental market.
  • Cracking down on speculators to free up more existing housing.

The Province will continue to build homes people need through its different programs, such as Community Housing Fund, Supportive Housing Fund and Indigenous Housing Fund, among many others. Under the Community Housing Fund program, residents of 50% of the units have rent geared to income, where rent is generally based on 30% of household income. An additional 20% of units are reserved for residents with very low incomes, such as those receiving income or disability assistance, where rent is set at the provincial shelter rate. The remaining 30% of units are available at or below-market rents for households with moderate incomes.