2025 Vancouver Fall Market RENTAL Update скачать в хорошем качестве

2025 Vancouver Fall Market RENTAL Update

Vancouver’s rental market is undergoing substantial rental correction. For years, the story was one of relentless increases: month after month of record-high rents, bidding wars for apartments, and vacancy rates scraping along the bottom. But the tide has shifted. In fact, Vancouver has just recorded the sharpest annual drop in average asking rents among Canada’s major markets. According to Rentals.ca, apartment listings in Vancouver fell nearly 10% year over year to around $2,820. One-bedroom units led the way down, declining more than 8% to an average of $2,515, while two-bedrooms also softened. The notable exception is three-bedroom units, which remain in scarce supply and saw rents climb more than 6% year over year. But while headline rents on newly listed apartments are retreating, the broader picture is more complicated. CMHC data shows that rents across the existing purpose-built rental stock in Vancouver continue to rise, up about 5.5% year over year, even as the vacancy rate nudged higher to 1.6%. That is the highest vacancy rate the region has seen in a decade, aside from the pandemic period, yet it is still well below what most economists would consider a balanced rental market. The discrepancy between falling asking rents and rising average stock rents highlights a fundamental dynamic: newcomers to the market may be finding more leverage, while existing tenants continue to see increases when they renew or adjust their leases. Another major factor reshaping the market is supply. For years, Vancouver was criticized for under-building purpose-built rental housing. That has changed. Metro Vancouver added roughly 2,467 new rental units in 2024 alone, with the City of Vancouver accounting for more than 500 of them. In fact, Vancouver represented nearly half of the region’s new rental housing starts. Developers, facing more difficult financing conditions and slower condo absorption, are increasingly pivoting away from strata sales and delivering rental product instead. The result is a short-term bulge in completions that is giving renters more choice, while also forcing landlords of new projects to offer incentives like free months of rent or reduced parking fees to fill units. The question, then, is where does this market go next? The outlook is nuanced. On one hand, more supply is coming, immigration is expected to moderate, and the labour market is showing signs of strain. All of these factors point toward softer rent growth and potentially more incentives in the short term, especially in smaller, premium units that already face price resistance. On the other hand, family-sized rentals remain undersupplied, and demand for two- and three-bedroom units remains resilient. If construction slows in 2025 and beyond, today’s supply bulge could quickly give way to another period of tight vacancy and accelerating rents. In this episode, we sit down with Keaton Bessy, owner of GVTPM, to break down what’s really happening on the ground. We look at the contradictions in the data, the impact of new purpose-built supply, and the growing divide between small apartments and larger family homes. We also discuss the potential influence of interest rate cuts, the tactics landlords can use to stay competitive in a cooling market, and the kinds of concessions renters are now beginning to ask for. Nationally, the story is equally complex. Toronto has seen rents dip modestly, Calgary is also pulling back, while Edmonton continues to surge with double-digit growth over the past three years. Vancouver is still the most expensive city in the country to rent, but the direction of travel is shifting. For the first time in years, renters are gaining a little leverage. If you’d like to dive deeper into your own rental or investment situation, you can book a one-on-one consultation using the Calendly link below. This is more than just a rental update—it’s a look at whether the balance of power in Vancouver’s housing market is finally starting to shift, and what that might mean for both renters and landlords heading into 2025. _________________________________ Connect With Us: 📆 https://calendly.com/thevancouverlife 📧 info@thevancouverlife.com Dan’s New Channel: / @vancouverstoprealtor Ryan’s New Channel: / @ryan_thevancouverlife ⬇️ FREE RESOURCE FOR SELLERS Wondering if now’s the right time to list your home? Grab this free resource and find out how we help Sellers sell for More Money 👉 https://thevancouverlife.com/topdollar ⬇️ FREE RESOURCE FOR BUYERS Thinking about buying a home? Grab this free resource and find out how we help Buyers navigate this market 👉 https://thevancouverlife.com/buyersguide The Vancouver Life Real Estate Group are licensed Real Estate Agents at eXp Realty Vancouver 🏆 Top 1% Presidents Club 2024 / 2025 🏆 Top 10% Medallion Club Members 2019 to 2024 🏆 Over $500,000,000 in sales www.thevancouverlife.com _________________________________