Rents, Rates, and Raw Land: VARING

Rental housing is leading new development in B.C., and government policy is quietly boosting the value of the right pieces of land. If you own (or are hunting for) multi-family or rezoning-ready sites, this matters directly to you.

What’s driving the rental push

• Record rental starts: About 18,700 rental units began construction in B.C. over the latest 12-month period, the third straight record year.
• Big provincial dollars: More than $19B in B.C. housing programs (Homes for People, BC Builds, etc.) is aimed at getting rental built faster.
• Federal fuel: Ottawa added $15B to CMHC’s Apartment Construction Loan Program, extending it to 2031–32 and bringing the total envelope to roughly $55B to support over 131,000 rental homes.
• Better financing tools: Updated MLI insurance rewards affordability, energy performance, and accessibility with improved loan terms.
• Local planning support: In places like Langley (≈600-unit Willoughby projects) and Surrey (Scott Road station rental), higher-density, transit-oriented rental is being actively encouraged.

The opportunity on the ground (Fraser Valley examples):

Langley Township:

Large rezoning proposals in Willoughby (around 600 units of apartments and townhomes) show how quickly higher-density rental and mixed-form projects are moving forward.
Sites near future SkyTrain stations are drawing strong interest and higher land values.

Surrey (Scott Road Station area):

The city has supported a purpose-built rental project on municipally owned land near Scott Road SkyTrain, with a meaningful share of below-market units.
It highlights how transit-oriented, affordable rental is becoming a planning priority—and a magnet for institutional and non-profit capital.

What this means for land specialists & owners

• Parcels with multi-family zoning or strong rezoning potential, especially near SkyTrain/transit, are seeing stronger demand and pricing.
• Understanding ACLP/MLI and provincial rental programs helps position a site as program-eligible, not just “for sale.”
• Clear alignment with affordability, unit mix, and density criteria can tip a buyer from “interested” to “writing an offer.”

Bottom line

Construction costs and land prices are still tough—but purpose-built rental has more policy tailwinds than almost any other asset class. For land-focused owners, brokers, and developers, knowing how these rental programs work isn’t just nice-to-have; it’s a lever to unlock better offers and long-term income potential from the same piece of dirt.