Metro Vancouver housing figures underscore massive gap in affordable units

The BC Non-Profit Housing Society reported that Metro Vancouver needs 11,400 new affordable rental homes annually to combat rising homelessness. This figure represents a drastic increase from the 433 units built on average between 2018 and 2023. Government plans to provide about 4,500 units per year over the next three years fall significantly short of the demand. Since 2020, homelessness in the region has increased by 33 percent, with seniors being the fastest-growing group among the homeless. Atkey highlighted that many long-time renters risk losing their affordable homes amid potential market-driven relocations.

The wait-list for social housing has also grown, surpassing 21,500 households last year. Although social housing stock has risen by 5. 8 percent since 2022, it remains insufficient to meet the demand. The report emphasizes the urgent need for family-sized rental units, with only 30 percent of new rentals offering two or more bedrooms.