But municipalities report a higher number of approved projects are delaying the start of construction
Purpose-built rental starts surged in Metro Vancouver last year as developers took a wary eye to the condominium market, according to a Wednesday report from the Canadian Mortgage and Housing Corp. .
Increasing demand for rental stock and changes to financing conditions owing to higher interest rates are the top drivers of this shift, said CMHC. Metro Vancouver reported 25,983 housing starts in 2022, down slightly from the 26,013 starts in 2021. The number of laneway homes and secondary suite rental starts increased by 22 per cent between 2022 and 2021, reaching a total of 2,726 units. Their share of total rental starts fell to 28 per cent from 33 per cent in 2022. This is due to the increase in purpose-built rental buildings, according to the CMHC.
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