Vancouver Multifamily Market Report

Low vacancy and large rent increase ended 2023. Supported by strong demand, Vancouver’s apartment vacancy rate in 2023 remained stable at 0.9 per cent, which continued to be the lowest vacancy rate among Canada’s major metros. High barriers to homeownership due to elevated interest rates and an increase in immigration were the main drivers for the rental needs within the metro. Despite the unchanged marketwide rate, some areas still experienced fast-falling vacancy. The Westside/Kerrisdale area saw the largest decline of 140 basis points, followed by a 50-basis-point decrease in Richmond as well as a 40-basis-point drop in North Vancouver and the Downtown area. Vancouver’s near-full occupancy led to an over 9.0 per cent rise in the average effective rent in 2023. One-bedroom units, which tend to be more affordable, led the way with a nearly 10 per cent increase.