With approximately 10,000 people on the BC Housing waitlist and a growing population, Metro Vancouver estimates it will need more than 5,500 new rental units every year for the next 10 years in order to meet critical demand for affordable housing across the region. This includes lower-end market housing, subsidized housing and social housing.
In the 1970s and 1980s, the federal government was a major partner in the development of affordable housing across the country, ensuring rents remained affordable. But, with the federal government’s withdrawal from the affordable housing space in the 1990s and 2000s, the supply of affordable housing hasn’t kept up with demand.
The recently implemented National Housing Strategy has been a major step towards addressing the housing affordability crisis felt acutely in Metro Vancouver, but more can and must be done to build up supply.