Blog Post

Over 10,800 new homes approved by Vancouver City Council in 2022

Kenneth Chan | Urbanized • May 17, 2023
The final tally is in: 10,825 new housing units were approved by Vancouver City Council in 2022, marking a record for the second year in a row.

It is the highest total in recent decades and far exceeds the City of Vancouver’s current 10-year average and the targets of the 10-year Housing Vancouver strategy between 2018 and 2027.

Housing Vancouver aims to catalyze the approval of 72,000 units over its 10-year timeline or 7,200 each year. The figure for 2022 represents a 150% achievement above the annual target.

This is also up from a total of about 8,800 unit approvals in 2021, and 7,900 in 2020.

According to the municipal government’s update today in a bulletin, this includes the approval of 4,260 new purpose-built market units — more than two times the annual target of 2,000 purpose-built market units under Housing Vancouver.

The number of condominium unit approvals was also strong, with 4,406 units of this tenure approved — 147% above the annual target of 3,000 units.

Laneway home approvals were solid, too, with City Council approving 435 units — above the annual target of 400.

Vancouver also reached and exceeded its annual goal of approving 1,200 social and supportive housing units, as 1,332 units were approved in 2022.

Only townhouse/coach houses fell behind, with 392 approved last year, representing an achievement of 65% of the annual goal of 600 units.

One of the single largest rezoning applications approved by City Council in 2022 was the June approval of the First Nations-owned and led 21-acre redevelopment of the Heather Lands into 2,600 homes, including significant condominium, rental housing, and social housing components.

As for where things stand in terms of total approvals for the 10-year Housing Vancouver strategy to date, 48,114 units have been approved since 2018, representing a progress rate of 67% towards the ultimate goal of 72,000.

This includes 73% (21,904 units) of the goal of 30,000 condominium units, 72% (2,874 units) of 4,000 laneway houses, 68% (8,148 units) of 12,000 social and supportive housing units, 64% (12,781 units) of 20,000 purpose-built rental housing units, and 40% (2,407 units) of 6,000 townhouses/coach houses.

“The City of Vancouver continues to lead the region in new housing approvals, particularly for new rental and social housing developments. These approvals will ensure residents with a wide range of incomes will have homes, including moderate-income families, seniors, and newcomers to our city,” said Theresa O’Donnell, Director of Planning and general manager of Planning, Urban Design, and Sustainability for the City, in a statement.

“And while we’re pleased to exceed the targets, we must continue our work to ensure this much-needed housing is being built. More housing supply is needed across the region to keep up with steadily increasing demand, and the City is working hard to do our part.”

In 2024, if it is approved, new policies enabling multiplexes on single-family lots across Vancouver could go into effect, allowing as many as six units on a lot, which would boost laneway and townhouses/coach houses numbers for the remaining few years of the Housing Vancouver strategy.

Later this year, the provincial government is also expected to release the annual new supply quotas select municipal governments will be required to achieve, as a policy under its new Housing Supply Act.

The newly created BC Ministry of Housing is wielding a range of major measures — through significant funding and policy changes — to catalyze more housing, including working with municipal governments to simplify and expedite their permitting processes, overhauling single-family zoning to allow more units on a lot, and providing financing for below-market rental and middle-income rental housing.

But it is one thing to approve new housing, it is another thing to actually achieve the end of product of housing that is ready for its occupants. It can take years to go through design, planning, review, and approval processes, followed by years-long construction.

High inflation on the cost of construction equipment, materials, and labour is making it challenging for projects to start construction, and high-interest rates have also made it more difficult to secure the necessary construction financing.

Best places to see cherry blossoms

By Tom Zillich | Surrey Now-Leader • April 2, 2025
For a short time, parks and streets in Surrey, White Rock and Delta will soon be filled with the white and pink hues of cherry blossoms. Those beautiful blooms are around for only a couple of weeks every April. This week, Discover Surrey posted a list of favourite places to see the Japanese flowering trees in Surrey, including Bear Creek Park (13750 88 Ave.), Nico-Wynd Golf Course (3601 Nico-Wynd Place), 95 Avenue at 154 Street, Spenser Drive at 151A Street and 150B Street at 24 Avenue.  Find out more.

Bank of Canada Rate Cut vs. Tariffs: Which Will Dictate the Spring Market?

By Clay Jarvis | Nerdwallet • April 1, 2025
Under normal circumstances — anyone remember what those feel like? — falling mortgage rates would be fuel for the spring housing market. But it’s hard to start a fire when the Canadian economy is soaked through with tariff-related fear and uncertainty. The Bank of Canada is doing what it can to warm home buyers up. By lowering the overnight rate for the seventh consecutive time today, the Bank has helped slash 2.25% from variable mortgage rates since June 2024. Once lenders absorb today’s cut, both five-year variable rates and the most common fixed rates will be available for below 4%. Historically, those are approachable rates. But we’ll soon find out how little rates matter when home buyers face an unprecedented threat to their livelihoods. Read More

Bully Offers Are Back - What Buyers & Sellers Need to Know

By Andy Schildhorn • March 31, 2025
The Real Estate rules are changing again — and it’s a big one for anyone buying or selling in Langley or the Fraser Valley. As of March 17, 2025, bully offers are officially back in BC. Even if an offer date is set, Sellers can now accept early offers — with conditions. In this episode of Andy Talks Real Estate, I explain what’s changing, why it matters, and how to prepare. 📊 Key Takeaways: ✅ What is a bully offer — and why are they back? ✅ IDRPO vs DRPO: What the new rules mean for buyers & sellers ✅ How to adjust your strategy — especially in a slower market ✅ What must happen before a seller accepts an early offer ✅ Local perspective from 30+ years in the Langley & Fraser Valley market Whether you're thinking of selling this spring or trying to buy in a competitive area — this update could change your timing and negotiation power. 📅 Book a call: https://rly.forsale/Chat-with-Andy
More Posts
Share by: