Report forecasts 1.1 million population rise in Lower Mainland by 2041, requiring 500,000 new housing units
by Charlie Smith on January 22nd, 2019
The federal government plans to accept 340,000 immigrants in 2020.
This increase in arrivals from the 300,000 target of 2017 is expected to be felt in the Metro Vancouver housing market, according to a new report.
Andrew Ramlo and Ryan Berlin of the Rennie Intelligence Team forecast that by 2041, the region will have 4.03 million residents—up from 2.93 million in 2017.
“In growing by 38%, the Lower Mainland is projected to add an average of 45,000 net new residents each year (on a net basis), with the annual growth rate averaging 1.3% between 2017 and 2041,” they wrote in the rennie outlook. “As a point of comparison to this latter metric, the Lower Mainland grew by an average of 1.8% per year over the past decade and a half.”
They predicted that this 1.1-million increase in population would require 498,204 new dwelling units by 2041.
That works out to more than 20,000 net new units per year.
Of those units, they estimated that 292,351 would be ground-oriented and another 205,853 would be apartments.
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https://www.straight.com/news/119129...ing-500000-new
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