16
17
UDI State of the Market Q1-2024
Housing Economic Indicators
A total of 7,195 new
housing starts were
recorded in Q4-2023.
INSIGHTS AND COMMENTS
• A total of 6,268 new housing starts were recorded in
Q1-2024, a 12.9 percent decrease (927 fewer units)
from the previous quarter. The largest contributor to
housing start totals in Q1-2024 was the Outer Metro
region, which accounted for 42 percent (2,635 starts)
of all new starts in Metro Vancouver.
• A total of 354 townhome starts, 5,556 apartment starts,
and 358 single family starts were recorded in Q1-2024.
• In the most recent data available (Q4-2023), the 3-month
average of building permit values was $728.1 million in
Q4-2023, a decrease of 20.9 percent ($192.8 million)
from the same quarter last year.
• The new home price indices in Q1-2024 for Metro
Vancouver decreased slightly by 0.2 percent while BC
also decreased slightly by 0.1 percent from Q4-2023.
Price indices for Metro Vancouver and BC were 7.5
percent and 7.2 percent above their five-year averages,
respectively.
• Based on the most recent available data (October
2023), rental housing vacancy rates decreased in three
regions of Metro Vancouver: Burnaby/New Westminster,
Richmond/Delta, and the City of Vancouver. Refer to
methodology on Page 36-37.
State of
the Market
Insights
and Comments
HOUSING
ECONOMIC
INDICATORS