Vancouver Multifamily Investment Forecast

Vacancy rate trending up amid demographic shift. Vancouver’s multifamily market is entering 2026 with clear signs of rebalancing. Population growth slowed last year under tighter immigration policies, just as apartment completions hit a record high. This pullback in demand growth, combined with a surge in new units, pushed the vacancy rate to 3.7 per cent in 2025 — providing much-needed relief for renters who had faced a near-full market for years. Looking ahead, construction starts data suggests that deliveries will ease gradually beyond 2026. With population growth expected to remain subdued as Ottawa doubles down on immigration reductions, vacancy rates are likely to continue rising through 2027. This should help return rent growth closer to the long-term average and improve affordability in Canada’s costliest rental market. Despite softening fundamentals, Vancouver remains one of the most sought-after apartment markets in Canada, supported by high-quality job opportunities and exceptional lifestyle appeal. Long-term demographic drivers and structurally limited land supply will continue to make Vancouver a desirable investment destination for both domestic and global capital.