Vancouver Multifamily Market Report

Supply wave reshaping sector conditions. Vancouver’s apartment market is becoming more balanced following several years of exceptional growth. Record levels of new supply have pushed vacancy rates higher and reduced pricing power for newly completed properties, particularly in submarkets such as Burnaby, Downtown Vancouver, and Surrey. At the same time, older rental buildings continue to outperform, benefiting from stronger affordability, limited direct competition, and consistently tighter occupancy. With housing starts declining since 2023, the current wave of deliveries is expected to gradually subside, helping ease supply-side pressures over the medium term.