HomeMortgageAffordability target demands 570,000 new homes in B.C.

Affordability target demands 570,000 new homes in B.C.

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…

Read more at www.westerninvestor.com

- Advertisment -

Most Popular