Vancouver fell short of the province’s housing targets for last year, largely due to failure to meet the affordable rent target, according to a report submitted to city council.

British Columbia passed the Housing Supply Act last September, giving the province the power to set a minimum number of net new units to be built by municipalities over a five-year period.

In Vancouver, the target set for the first year, from October 1, 2023 to September 30, 2024, was 5,202 units. During that time, the city created 4,143, a deficit of 1,059, or a little more than 20 percent.

“We note a decline in completions over the past two years, from 2022 to 2024, consistent with the general trend in the region and with lower levels of construction starts during the COVID pandemic and its immediate consequences,” says a municipal staff report.

“Despite lower-than-expected completions, there is an unprecedented volume of projects underway, with sufficient capacity in our current development pipeline to meet the province’s overall target for completions over the five-year period.”

A breakdown of new units in Vancouver by housing type shows the city exceeded its goal of 1,457 “owned” units, with 1,525 completions. The city narrowly missed its overall goal for new rentals, completing 2,305 of 2,341, a deficit of three dozen.

A total of 313 affordable rental units were added in the city, well short of the goal of 1,405.

The legislation defines affordable housing based on annual household income levels determined by BC Housing. It varies depending on the type of unit, set at $58,000 for a “one bedroom or less”, $72,000 for a two bedroom, $86,000 for a three bedroom and $107,500 for four or more bedrooms.

“It is important to note that financing affordable housing is primarily the responsibility of the provincial and federal governments. Without high-level government partnerships, low-cost funding and financial contributions, the city alone will not be able to meet provincial housing and affordability targets. level,” the report said.

When cities fail to meet the targets set by law, the province has the power to intervene by appointing an advisor to make recommendations on how to achieve or revise the targets, and by ordering a city to approve specific construction permits or modify regulations.

The report comes to council on Tuesday.