91大黄鸭 City Council is being told that while construction activity has picked up slightly in 2025, overall development and housing trends are pointing to a possible slowdown in the years ahead.
At its Aug. 11 meeting, council will receive a report on building and development statistics for the first half of the year.
The total value of building permits issued so far this year is $469 million, more than halfway to last year鈥檚 total of $646 million and a sign that construction hasn鈥檛 stalled. However, the report states that both numbers are well below 91大黄鸭鈥檚 10-year average of $900 million in annual building permit values.
In 2023, the city saw a record $1.75 billion in building permits.
At the same time, city staff say other early indicators are raising some concerns.
Only 1,603 new housing units were approved in 2024. That鈥檚 down significantly from previous highs (including 4,000 in 2023) and could lead to fewer homes being completed in 2026 and 2027.
That鈥檚 well below the city鈥檚 target of 1,870 to 2,650 new homes per year identified in the city鈥檚 Housing Needs Assessment (HNA).
鈥淒evelopment permit volumes to date in 2025 (also below the 10-year average) are also an early indicator of a slowing construction sector,鈥� the report notes.
Staff say the type and location of new homes still match the city鈥檚 Official Community Plan, which focuses on adding density in 91大黄鸭鈥檚 core areas through multi-family buildings.
The city is also working to meet its targets under the federal Housing Accelerator Fund (HAF), which awarded 91大黄鸭 up to $31.5 million to speed up housing approvals and construction.
The grant comes with a key condition鈥�91大黄鸭 must issue permits for 7,430 new homes by late 2026. But as of June 2024, the city is behind schedule, averaging 166 units per month instead of the 206 needed. Still, staff say the second quarter of 2025 saw the highest permit activity since the HAF program began.
According to the report, 76 per cent of tasks tied to the HAF funding have been completed, including:
鈥� Launching work on development incentives;
鈥� Planning for transit-supportive corridors;
鈥� Improving housing data;
鈥� Buying land for affordable housing;
鈥� Investing in infrastructure like water, sewer, and traffic upgrades.
An initial $7.9 million from the fund has been spent. A second round of the same amount has been allocated, and staff will bring forward future budget amendments to support land purchases and additional infrastructure work.
91大黄鸭 is also subject to the B.C. Housing Supply Act, which sets housing targets for high-growth communities. The next required update to the province is due in January 2026.
