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Market Report

Vancouver Multifamily Market Report

2025 Investment Forecast

Builders Shift Focus to Apartment Rentals,
While Buyers Also Target New Supply

High-quality properties will continue to be sought-after. Vancouver will maintain the lowest multifamily vacancy rate among major metros in 2025. Available supply coming to market is also likely to remain elevated, as in recent years many developers pivoted away from condos to capitalize on healthy fundamentals and persistent demand tailwinds in the purpose-built rental sector. While starts did level off in 2024, this trend is being further influenced by a growing appetite for high-quality properties among wealthy private buyers and institutional players. Newer builds have seen rapid rent appreciation in recent years in addition to generating lower capital expenditure and qualifying for favourable CMHC financing through the MLI select program. Together, these newer assets help facilitate better returns and assist in raising capital by modernizing portfolios. Looking ahead, however, new immigration policies announced in 2024 are set to curb population gains over the coming year. Coupled with elevated supply growth, fundamentals could soften. Nevertheless, Vancouver’s multifamily market will hold well below equilibrium, preserving the property type as a preferred investment option.
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