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Record number of purpose-built rental homes registered in B.C. in 2022

By Richmond Sentinel

Published 10:32 PST, Thu January 12, 2023

New data released by BC Housing shows a record number of purpose-built rental homes will help increase needed rental stock in British Columbia.

The 2022 New Homes Registry Report shows that 14,546 purpose-built rental homes were registered in B.C. in 2022, the highest yearly total reached since BC Housing started collecting this data in 2002. For context, in 2012, BC Housing recorded fewer than 2,000 new rental units registered.

"Our government is responding to the housing crisis by establishing the conditions needed to create a record number of purpose-built rentals started in 2022," said Ravi Kahlon, Minister of Housing. "In addition to these successful efforts to add much-needed rental homes, 2022 was another banner year for housing registrations overall. Together with the federal government, non-profits, and the private sector, we recorded the second-highest number of new home registrations on record, adding crucial housing stock for individuals, families, and seniors in B.C., including those moving to B.C."

In total, 51,407 new homes were registered in B.C. in 2022. These include 9,037 single detached homes and 42,370 multi-unit homes. This total is slightly lower than 2021, which was the highest year on record.

Registered new homes 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. The registration must occur prior to the issuance of building permits or prior to construction commencing in geographical areas where building permits are not required.

The B.C. government is making the largest investment in housing in B.C.'s history—$7 billion in 10 years—and working with partners to deliver 114,000 affordable homes in 10 years. Since 2017, the province has funded more than 36,000 affordable new homes that have been completed or are underway for people in B.C.

To read the December 2022 New Homes Registry Report, visit bchousing.org/research-centre/housing-data/new-homes-data.

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