Builders face an “insurmoutable challenge” without government support, an industry analysis finds
Metro Vancouver builders will have to construct about 523,530 units to deliver the number of units a Canada Mortgage and Housing Corp. study says is required to achieve a 40 per cent housing affordability rate by 2030, according to an analysis by Wesgroup, a Vancouver-based developer of units for both the owner-occupier and rental markets.
CMHC laid out the ambitious goals in a report that said B.C. as a whole would require 570,000 new homes beyond what’s usually built to achieve anything resembling affordability by 2030.
But with a current annual completion rate of 23,766 units, Wesgroup executive vice-president, development Brad Jones says it would take 26 years to meet that target – a goal the market alone simply can’t meet.
“When we look at the data, our first…