Interim Housing Needs Report 2024

Applying the HNR Method results in the anticipated need for 2,600 homes annually to satisfy housing demand to 2041. Housing completions data for Richmond, published by the Canada Mortgage and Housing Corporation (CMHC), provide that over the past ten years, 1,980 housing units have been completed per year on average. The housing completions repo1ied by CMHC exceed the demand forecast in the 2021 HNR but differ from the needs now forecast using the Province's HNR Method. Staff believe the HNR Method overestimates the housing needs tied to several of the components of need listed.

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