Record number of new homes registered in B.C. last year

Jan 13, 2022 | 2:25 PM

Last year set a new record for registered new homes in B.C.

Data from the B.C. Housing Research Centre showed that 53,189 new homes were registered in 2021, up 63 per cent from the total the year before.

The figures showed there were 12,282 single detached homes and 40,907 multi-unit homes registered in 2021, representing annual increases of 31.9 per cent and 82.3 per cent, respectively.

A total of 12,899 purpose-built rental units were also registered in B.C. in 2021, up 47.7 per cent from the year before.

In December of 2021, there were 913 new single detached homes registered in B.C.

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Of those new homes, 15 were in the North Okanagan, 66 were in the Central Okanagan, and 12 were in Okanagan-Similkameen. Metro Vancouver had the lion’s share of new registrations at 436, followed by Fraser Valley at 83, then the Central Okanagan.

The report also noted that 2,663 new homes in multi-unit buildings were registered in December.

Of those, 10 were in the North Okanagan, while the Central Okanagan had 114 and Okanagan-Similkameen had 12. Again, Metro Vancouver had the majority of those new homes at 1,938, followed by the Capital Regional District’s 325 then the Central Okanagan.

The North Okanagan had a total of 308 new single homes and 212 new multi-unit homes registered in 2021.

New home registration is required under the Homeowner Protection Act prior to the issuance of building permits and housing starts.

The Housing Research Centre stated that new housing registration is considered a leading indicator of the B.C. economy by the Bank of Canada, as quarterly increases in new registrations for single detached homes have statistically led to growth in real Gross Domestic Product over the next one to three quarters.

by Liam Verster

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