Victoria – New data released by BC Housing shows a significant increase in the number of purpose-built rental homes registered in British Columbia, while continuing to show high levels of new home registrations overall.
The December 2019 New Homes Registry Report shows that in 2019, 12,289 purpose-built rental homes were registered in B.C., a 64% increase compared to 2018. Compared to 2016, the increase is even more significant, at more than double the 5,173 rentals registered that year. Data from the most recent three years, 2017-19, shows 28,642 new purpose-built rental homes were registered, which is more than the previous decade’s combined total.
Purpose-built rentals represented more than a quarter (28.2%) of all housing units registered in 2019, up from 16.4% in 2018 and the highest proportion achieved since BC Housing started collecting this data in 2002
Under the Homeowner Protection Act, all new homes in the province are required to be registered with BC Housing. The registration must occur prior to the issuance of building permits.