Building faster, smarter: new report calls for a prefabricated housing strategy to accelerate affordability in BC

Fraser Valley Real Estate Board (FVREB) Issues Report with policy recommendations for all levels of government to bring prefabricated housing into the mainstream

SURREY, British Columbia, Oct. 08, 2025 (GLOBE NEWSWIRE) -- FVREB is calling for bold action to unlock the potential of prefabricated and modular housing as one of the key solutions to British Columbia’s housing crisis. Its new report, Building Faster, Smarter, outlines nine practical policy recommendations to help governments, industry, and communities deliver more homes quickly, sustainably, and affordably.

The report highlights how factory-built housing can reduce construction waste by up to 70 per cent, cut on-site emissions by more than 40 per cent, and deliver homes in half the time of traditional methods. Yet inconsistent municipal zoning, outdated permitting standards, and limited financing options continue to slow adoption.

“We need only look at countries like Sweden and Germany to realize that Prime Minister Mark Carney and the team at Build Canada Homes (BCH), are onto something that we in Canada need to embrace — building affordable housing at scale,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board as well as the Stakeholder and Government Relations Committee (SGRC).

FVREB’s report outlines several key recommendations including:

• Harmonizing municipal zoning to make prefabricated housing easier to replicate across communities.
• Creating a provincial procurement roadmap to provide predictable, long-term demand for modular housing.
• Establishing a “Prefab-Ready” lending stream within CMHC’s Apartment Construction Loan Program to improve financing options.
• Empowering First Nations leadership through dedicated procurement and production partnerships in modular housing.
• Expanding TradeUpBC funding to train and prepare workers for modular and offsite construction.
  

“At FVREB, we believe prefabricated and modular construction represent one of the practical and innovative ways forward — one that can deliver more homes quickly, sustainably, and at prices within reach,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “We look forward to working with governments and industry partners to bring these recommendations to life.”

FVREB’s call to action comes as the prefabricated construction industry experiences rapid growth globally and in Canada. McKinsey projects the modular construction industry will reach USD $130 billion by 2030 across Europe and the U.S., while Business Wire forecasts Canada’s prefabricated construction output will rise 5.6 per cent in 2024 to CAD $18.5 billion, and grow at a 5.3 per cent compound annual growth rate (CAGR) to reach CAD $22.8 billion by 2028.

“Canadians are facing one of the most pressing housing affordability challenges in its history,” said Jacobsen. “Offsite construction should be a key strategic pillar in our efforts to increase supply at the pace necessary to bring affordability under control.”

To read the full report, click here.

*The Fraser Valley Real Estate Board is an association of 5,100-plus real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.

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