March 2023 BCREA – Unprecedented Pace of Construction Needed to Offset the Impact of Record Immigration to BC
Housing demand impact of record-high immigration is five times as large as the Foreign Buyers Ban: report Vancouver, BC– March 28, 2023. To fully offset a deterioration in housing affordability, new home completions in BC need to increase 25 per cent above their historical average level for the next five years to a record level of about 43,000 completions per year, a new report has revealed. According to the latest Market Intelligence report from the BC Real Estate Association (BCREA), two significant federal government policies – the Foreign Buyers Ban and record-high immigration targets – will shape housing demand in BC over the next…