Market Report
Vancouver Multifamily Market Report
3Q 2024
No Signs of Relief As Supply Struggles to Keep
Pace in Canada’s Tightest Rental Market
Vacancy rate hovered near historic low. With a 4.2 per cent increase in total population, rental demand soared in Vancouver last year. Two-thirds of the 140,000 new residents were international students and temporary foreign workers, a group highly inclined to rent upon arrival in Canada. On the supply side, despite a significant jump in construction starts since the pandemic, total completions fell for a second consecutive year, doing little to relieve the heightened demand pressures. Consequently, over half of Vancouver’s submarkets saw a vacancy rate below 1.0 per cent, with near-full occupancy recorded in Coquitlam, Port Coquitlam, and Delta. As the vacancy rate remained at an exceptionally low level, rent growth accelerated to a record high, pushing the average effective rate above $1,800 per month in 2023.
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