DEMOGRAPHICS, HOUSING DEMAND & HOUSING SUPPLY IN THE LOWER MAINLAND

Good day!

Each year, the rennie intelligence team puts together a report describing short- and long-term demographic changes expected in the Lower Mainland and how these changes will affect future housing demand as it compares to expected new housing supply. Below are some highlights from this report:

Following changes to Canada’s immigration targets, net international migration to the Lower Mainland is expected to increase from 33,000 people in 2016 to a peak of 46,000 by 2023.

A continuation of below-replacement levels of fertility will persist, meaning migration will play an increasing role over time in growing the regional population.

Accommodating the region’s future growth will require upwards of 500,000 new homes to be added by 2041, which translates to an average of more than 20,000 net new units each year.

While current housing completions are higher than this, they have historically fallen well below this level once adjusted for demolitions.

Download the rennie outlook below for new insights into the Lower Mainland’s housing market.  click HERE