Vancouver Multifamily Market Report

Supply to be monitored. Record deliveries are bringing some relief to tenants, who have seen rents grow by 30 per cent since 2019. While Vancouver proper drove supply growth in recent years, higher land values pushed some developers to more feasible areas, like North Vancouver, Surrey, Burnaby and the Tri-Cities. These areas are now driving construction, with projects pencilling more frequently, helping to slow annual rent growth for the first time since the pandemic. Vancouver’s under-construction pipeline remained elevated at 21,300 units to end 2024. Combined with demand risks stemming from new immigration policies and U.S. tariffs, a further softening in fundamentals is expected over the short to medium term. Cost pressures, rising vacancy and stabilizing rents in new builds, however, caused a pullback in construction starts last year. While that over-supply management is attractive to investors, the shortage of budget-friendly housing is acute. Supply is needed to restore long-term affordability.