Metro Vancouver is building only half the homes it needs to keep pace with population growth and housing demand, according to a new report by the regional district.

Source: Vancouver Sun

The recently released housing report reveals that Metro Vancouver must deliver 46,000 new homes per year between 2022 and 2026 to meet the needs of both current residents and future growth. That translates to over 230,000 homes in just five years—an ambitious benchmark that would require what the Urban Development Institute (UDI) calls an “unprecedented acceleration” in housing construction.

Current Reality Falls Short
Instead of ramping up, the pace of new housing has fallen behind. In 2023, the region saw a high point with 33,000 new homes completed—the most in 35 years—but that number dropped to 28,000 in 2024. Worse still, housing starts in March 2025 plunged by 59% year-over-year, suggesting that future completions will likely dip further.

“We’re simply not building fast enough,”

said Anne McMullin, CEO of the Urban Development Institute.

“Meeting the region’s target requires bold policy shifts and rapid action.”

Rising Costs, Stagnant Supply
The report paints a stark picture of growing pressure on the housing market. Over the last three decades, homeownership and rental costs have risen faster than incomes, pushing housing affordability in Metro Vancouver to crisis levels. Even as population growth continues, new housing supply is not keeping up, exacerbating scarcity and driving up prices.

Regional Breakdown: Where the Gaps Are

The report analyzes housing needs by sub-region, revealing significant shortfalls:

• Burrard Peninsula (Vancouver, Burnaby, New Westminster):
  Needs 16,219 homes/year — delivered only 9,548/year
• Northeast Sub-Region (Coquitlam, Port Coquitlam, Port Moody):
  Needs 4,289/year — completed 2,522/year
• Ridge Meadows (Maple Ridge, Pitt Meadows, Barnston Island):
  Needs 2,046/year — built just 700/year — the lowest completion rate at 5.5 per 1,000 population
• South of Fraser-East (Surrey, White Rock, Langley):
  Needs 14,741/year — achieved 6,823/year
• South of Fraser-West (Richmond, Delta, scəw̓aθən məsteyəxʷ Nation):
  Needs 5,191/year — built 2,302/year
• North Shore (North & West Vancouver, Bowen Island, Lions Bay):
  Needs 3,606/year — completed 1,530/year

Affordable Housing Crisis Is Even Worse
Perhaps the most dire statistic concerns affordable housing. The region needs 11,400 new affordable homes per year, yet it has averaged just 433 completions annually between 2020 and 2024.

This mismatch barely dents the waiting list of 25,000 to 30,000 people seeking affordable housing, said Jill Atkey, CEO of the B.C. Non-Profit Housing Association. “The real number is even higher, because many don’t bother joining the waitlist due to how long it takes.”

Barriers to Progress: Financing, Policy, and Infrastructure
While developers remain committed to increasing supply, they face mounting challenges. Financing has tightened, costs have soared, and new development is often slowed by complex approval processes and high fees. McMullin noted that lowering development cost charges could be one step toward easing the burden.

Municipalities, meanwhile, are caught between provincial mandates to speed up approvals and the financial strain of building infrastructure, like water and sewer systems, to support more housing. As Simon Fraser University planning expert Andy Yan puts it, “This isn’t just about zoning—it’s about financing, too.”

Final Takeaway: A Collective Challenge Requires Collective Action
The scale of the housing shortfall in Metro Vancouver cannot be blamed on any one municipality. Instead, it’s a systemic issue that demands cooperation across all levels of government—municipal, provincial, and federal.

“The regional government has limited tools to create affordability,” said Atkey. “It’s a shared responsibility, and solving it will require long-term commitments and structural reform.”

Key Takeaways:

• Metro Vancouver needs 46,000 new homes annually to meet population demand, but is building only about half that.
• Affordable housing construction is drastically lagging, with only 433 units per year completed compared to a need of 11,400.
• Housing starts plummeted 59% in March 2025, signaling even lower future completions.
• Major bottlenecks include high construction costs, financing challenges, and municipal infrastructure limits.
• Experts call for joint efforts across government levels to close the gap

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