Vancouver falls short of meeting province’s housing targets [Video]

Vancouver fell short of meeting the province’s housing targets for the last year, mostly due to a failure to meet the goal for affordable rentals, according to a report coming to city council.

B.C. passed the Housing Supply Act last September, giving the province the authority to set a minimum number of net new units to be completed by municipalities over a five-year period.

In Vancouver, the target set for the first year, from Oct. 1, 2023 to Sept. 30, 2024, was 5,202 units. In that time, the city created 4,143 – a shortfall of 1,059 or just over 20 per cent.

“We note a decline in completions over the last two years from 2022 to 2024, consistent with the overall trend in the region and with lower levels of housing starts during the COVID pandemic and its immediate aftermath,” a report from city staff says.

“Despite lower than anticipated …