CMHC forecasts a decrease in new housing starts in B.C. in 2024, followed by a recovery, citing low vacancy rates and rising rents in Greater Vancouver and Greater Victoria. Factors such as increased demand for rental housing, zoning alterations, and density augmentation are emphasized. However, challenges like high land and construction expenses, as well as financial limitations, are impeding multi-family developments. The report anticipates an economic downturn in 2024 with a subsequent upturn in 2025, driven by anticipated lower interest rates stimulating housing endeavors.

B.C. Housing Market: Decline & Rebound