VANCOUVER – Last year the City of Vancouver had 12,500 new homes approved, exceeding the annual target of 8,300 by 54 per cent.
Across the city, 2,300 purpose-built market rental units reached completion, marking the highest annual level of rental completions in more than 40 years, the city notes.
Here are some of the highlights of 2025:
10,277 of new homes approved are purpose-built rentals:
8,122 market rental units
1,436 privately-owned below-market rental units
719 social housing units approved
More than 2,300 purpose-built market rental homes built, marking the highest annual completions in four decades. Another 730 social housing units were completed in 2025.
1,261 ground-oriented homes approved in low-density neighbourhoods, driven by multiplexes, but also include townhouses, duplexes and coach homes.
3,000 social housing units and 9,900 purpose‑built rental homes already under construction.
Approved in June 2024, the new Housing Vancouver 10-year targets (2024-2033) outline the type and quantity of housing the city plans to deliver.
They guide developers and housing providers on the city’s priorities in development, planning and policy making, the release explains, and support progress towards a diverse housing system.
“A key contributor to this year’s progress was the Below-Market Rental (BMR) program, which secures long-term affordable homes by allowing added density in exchange for below-market rents,” said Josh White, general manager of planning, urban design and sustainability, in a statement. “In 2025, the program secured over 1,400 BMR homes, more than double the annual target of 550. This demonstrates the effectiveness of city policies in supporting deeper affordability through private-sector development.”