Report: B.C. breaks record for purpose-built rental construction
The province saw a 30% increase over the previous year’s registrations.
New data released by BC Housing shows for the second consecutive year, a record number of purpose-built rental homes were registered in B.C., approximately 30% more than in 2022.
The December 2023 New Homes Registry Report shows 19,064 rental homes were registered in B.C. in 2023, the highest annual total since BC Housing started collecting this data in 2002. Compared with 2022, the number of registered rental units increased by 30.9%.
“Our government’s actions to tackle the housing crisis are starting to take hold as evidenced in the record-setting number of purpose-built homes registered in B.C. last year,” said Ravi Kahlon, minister of housing. “When you compare that to the fewer than 2,000 rental units registered in 2012, it’s quite remarkable how the landscape has changed under our government. I’d like to thank our province’s construction industry for its work to get more homes built for the people of B.C.”
In total, 45,647 new homes were registered in B.C. in 2023. These include 6,522 single detached homes and 39,125 multi-unit homes.
Registered new-home data is collected at the beginning of a project, before building permits are issued, making it a leading indicator of housing activity in B.C.
Under the Homeowner Protection Act, all new homes in the province are required to be registered with BC Housing before a building permit is issued. Each new home must either be enrolled in home-warranty insurance by a licensed residential builder or have an applicable exemption, such as a purpose-built rental exemption or an owner-builder exemption.
The province says home-warranty insurance protects new homes in B.C. against construction defects in materials and labour, building envelope and structural defects.