14
UDI State of the Market Q1-2024
15
Housing Economic Indicators
Home registrations of all
product types total 4,320
units in Q1-2024.
INSIGHTS AND COMMENTS
• Single family home registrations in Metro Vancouver
totaled 636 in Q1-2024, up 11.2 percent (64 more
units) from the previous quarter but down 7.3 percent
year-over-year.
• The Outer Metro region accounted for 45 percent (286
units) of the total single family home registrations,
while 29 percent (186 units) were in the Inner Metro
region and 26 percent (164 units) were in the City of
Vancouver.
• Multi-family home registrations in Metro Vancouver
totaled 3,684 in Q1-2024. This was a 28 percent
increase from the previous quarter and an 18 percent
increase on a year-over-year basis.
The research report has been published under Staff
Discussion Papers on the website of the Bank of Canada.
• “Single” includes the new single detached homes
enrolled with home warranty insurance or with approved
Owner Builder Authorizations.
• “Multi” includes the new homes in multi-unit buildings
(two or more dwelling units) enrolled with home warranty
insurance and does not include new homes in multi-unit
rental buildings (purpose-built rentals).
• New 2018, 2019, 2020, 2021, 2022, 2023, and 2024
data has been added for Squamish (Inner Metro) and
Abbotsford (Outer Metro).
Note: Some minor adjustments may be made to the figures
over time as registrations are withdrawn or cancelled from
home warranty insurance from time to time.
All new homes in the province must be registered with BC
Housing. The registration data is collected by BC Housing in
the public registry. The majority of registered new homes are
enrolled with home warranty insurance which protects against
construction defects. The registration of new homes must
occur prior to the issuance of building permits and housing
starts. The new home registrations measure residential
construction activities at the beginning of a project before
construction commences and indicates the number of units
included in each project.
A study has been conducted by the Bank of Canada in
collaboration with BC Housing to assess whether new
home registration data under the Homeowner Protection
Act can be used as a leading indicator for economic
activity in B.C.
The research finds that quarterly increases in new
registrations for single-detached homes have statistically
significant predictive content for growth in real GDP over
the next one to three quarters, and provide stronger
signals compared to housing starts and building permits
over this forecast horizon.
HOUSING
ECONOMIC
INDICATORS
• When compared to the previous quarter, total
multi-family registrations increased in the Inner and
Metro regions as they experienced a 33 percent increase
and a 35.5 percent increase, respectively, while the City
of Vancouver experienced a decrease of 27.2 percent.
• In the First Quarter of 2024, multi-family home
registrations were distributed across regions as follows:
49 percent (1,814 units) in the Outer Metro region, 45
percent (1,656 units) in the Inner Metro region, and six
percent (214 units) in the City of Vancouver.
• It is important to note that a large majority of these units
have already been pre-sold up to two years prior to
construction beginning.
• Home registrations of all product types in Metro
Vancouver total 4,320 units in Q1-2024, a 25.2 percent
increase from the previous quarter.
State of
the Market
Insights
and Comments