New data released by BC Housing shows that a record number of purpose-built rental homes were registered in British Columbia for the second year in a row, increasing by 30% since 2022. The December 2023 New Homes Registry Report shows 19,064 rental homes were registered in B.C. in 2023, representing the highest annual total since BC Housing started collecting this data in 2002.
“Our government’s actions to tackle the housing crisis are starting to take hold as evidenced in the record-setting number of purpose-built homes registered in B.C. last year,” said Ravi Kahlon, Minister of Housing. “When you compare that to the fewer than 2,000 rental units registered in 2012, it’s quite remarkable how the landscape has changed under our government. I’d like to thank our province’s construction industry for its work to get more homes built for the people of B.C.”
In total, 45,647 new homes were registered in B.C. in 2023. These include 6,522 single detached homes and 39,125 multi-unit homes. Registered new-home data is collected at the beginning of a project, before building permits are issued, making it a leading indicator of housing activity in B.C.
Under the Homeowner Protection Act, all new homes in the province are required to be registered with BC Housing before a building permit will be issued. Each new home must either be enrolled in home-warranty insurance by a licensed residential builder or have an applicable exemption, such as a purpose-built rental exemption or an owner-builder exemption.
Through its $19-billion “Homes for People” plan – the largest housing investment in B.C.’s history – the Province is supporting the creation of new housing, including purpose-built rental homes. In total, more than 77,000 homes have been delivered since 2017, or are currently underway.
See the latest data here: New Homes Data | BC Housing