Market Report
Vancouver Multifamily Market Report
3Q 2025
Investors Eye Transit-Friendly Communities
and Policy Amid Construction Pressures
Pullback in development to hinder affordability goals. Trailing 12-month apartment construction starts in Vancouver were down nearly 20 per cent annually in May. While holding up better compared with other high-cost markets, Vancouver’s residential development sector is coming under pressure. Not only are elevated costs and softening rents making expected returns hard to deliver, but speculative overreach, high holding costs and slow entitlements have resulted in fewer land sales, as well as in rising distress sales. These dynamics suggests construction starts are likely to slow further over the coming quarters. While beneficial for current owners, as abating supply-side pressures will put a lid on vacancy increases, the overarching long-run goal of achieving housing affordability is likely to take a hit
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