Vancouver Multifamily Market Report

Building surge meets softening demand. Vancouver’s rental market underwent a sharp reset in 2025. Apartment completions hit an all-time high, while tighter immigration and high living costs pushed the province’s population down by 0.2 per cent. Even so, demand in the downtown core remained comparatively resilient, supported by increased return-to-office activity. Suburban areas, however, experienced greater weakness as new rental and condo deliveries intensified competition. Rent growth slowed sharply, with owners offering incentives in newer buildings as turnover rose and affordability constraints limited mobility. In 2026, vacancy is expected to stay elevated as another heavy year of supply meets still-muted population growth. That said, absorption should gradually improve as the build pipeline normalizes and economic uncertainty improves.