A new report says that British Columbia’s rental housing industry is an important component of the province’s economy, creating significant numbers of jobs, incomes and government revenue.
The LandlordBC report, Economic Impact Assessment Study – British Columbia’s Rental Housing Sector
, which was conducted by KPMG, estimates that B.C.’s rental housing industry:
- Contributed $12.25 billion to Canada’s GDP, of which $10.6 billion was generated in B.C.
- Generated labour income of $5.8 billion in Canada, of which $4.9 billion was generated in B.C.
- Generated 98,937 full-time equivalent jobs in Canada, of which 82,851 was generated in B.C.
- Created $3 billion in government revenues in Canada, of which $2.6 billion was accrued in B.C.
- Generated gross output of $22 billion in Canada, of which $18.8 billion was generated in B.C.
The report also said that approximately 30 per cent (539,434 in 1.81 million households) of all households in British Columbia are rental accommodations.
This estimate includes all forms of rental housing, including purpose-build apartment buildings as well as single and semi-detached homes, townhouse units and condominium units that are rented.
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Never underestimate the important contribution that rental housing adds to the Canadian economy.