Rental Revolution: B.C. Hits New High with Over 19,000 Homes Registered!
British Columbia has witnessed a remarkable surge in its housing sector, particularly in the rental home segment. The latest data from BC Housing indicates a record-breaking number of purpose-built rental homes registered in 2023, marking a significant uptick from the previous year.
The December 2023 New Homes Registry Report revealed that an impressive 19,064 rental homes were registered in B.C. during the year, the highest annual total since BC Housing began tracking this data in 2002. This figure represents a 30.9% increase compared to 2022, demonstrating a substantial growth in the province’s housing sector.
Ravi Kahlon, Minister of Housing, attributed this achievement to the government’s efforts in addressing the housing crisis. “Our government’s actions…are starting to take hold as evidenced in the record-setting number of purpose-built homes registered in B.C. last year,” Kahlon stated. He also acknowledged the pivotal role of the province’s construction industry in realizing this growth.
In total, 45,647 new homes were registered in B.C. in 2023, which included a mix of 6,522 single detached homes and 39,125 multi-unit homes. This diverse range of housing options indicates a robust and versatile approach to meeting the various housing needs across the province.
Under the Homeowner Protection Act, all new homes in B.C. must be registered with BC Housing before building permits are issued. This process ensures that each new home is either enrolled in home-warranty insurance, covering construction defects, or has an applicable exemption. This regulatory framework plays a crucial role in maintaining the quality and safety of the province’s housing stock.
The Province’s proactive stance in housing is further evidenced by its $19-billion investment through the Homes for People plan, the largest housing investment in B.C.’s history. Since 2017, this initiative has led to the delivery or commencement of over 77,000 homes.