If the City of Vancouver is going to satisfy the Government of British Columbia’s new housing targets, it will have to catalyze the completion of 28,900 new additional homes over the next five years between October 2023 and September 2028.
That is the “final housing target order” given to BC’s largest municipality today under the provincially legislated Housing Supply Act, which is one of the provincial government’s key policies toward addressing the housing affordability and supply crisis. So far, the City’s main metric is the number of approvals through its various application and review processes, with its 2017-enacted Housing Vancouver strategy calling for the approval of 72,000 new homes between 2018 and 2027. As of 2022, halfway into the Housing Vancouver timeline, the City has approved 48,114 units or a progress rate of 67% towards the goal of 72,000 new home approvals.
