As someone deeply connected to the Greater Vancouver real estate landscape, I’ve seen how shifts in housing supply directly impact affordability. Lately, there’s been progress on affordability, but it feels precarious as ownership housing construction slows down. Recent estimates indicate we’d need between 417,000 and 469,000 housing starts each year to bring affordability back to pre-pandemic levels by 2036—a tough target, with the supply gap stubbornly in place.
Most of the new homes in major Canadian markets are now rentals, while ownership-focused development has pulled back noticeably. Even with more rentals helping balance things out, the pause in ownership builds is concerning. Although slower population growth has temporarily improved affordability, construction activity has dropped even faster than demand. When demand inevitably picks up again, we could find ourselves facing a supply crunch.
For those watching the Vancouver market and beyond, the lesson is clear: keeping ownership housing construction active is essential to protect affordability in the years ahead. This is a key focus for those of us committed to supporting clients through all cycles of the real estate market.
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