The Province announced this week that after crunching the numbers, last year saw a record number of rental homes registered with BC Housing.
Results show that 2023 saw a 30.9% increase from 2022.
All in all, the Province’s annual New Homes Registry Report shows a total of 19,064 rental homes were registered last year.
This is the highest number recorded since BC Housing began collecting data on rentals 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 BC 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,” he continued.
BC says that they are committing $19 billion to ensuring more homes are built in the coming years.
This is the Province’s biggest housing investment in BC’s history. Since 2017, more than 77,000 homes have been delivered or are underway through this investment alone.
2024 will likely be another record-setting year with BC’s new short-term rental legislation changing the landscape yet again in how people use their properties.
Related:
Basically, in any municipality with a population of over 10,000, short-term rentals such as Airbnb and Vrbo can only be in a property owner’s primary residence.
Any homeowner who does not live in their secondary property will no longer be able to rent out the space, unless it is as a long-term lease or rental.
The new laws come into effect this May.
