Pace of rent increases slows, but housing costs still rising in Metro Vancouver

Brenna Owen · The Canadian Press

· Posted: Apr 25, 2025 8:37 PM EDT | Last Updated: 3 minutes ago

The gait of rent increases successful Metro Vancouver slowed past twelvemonth compared with 2023, and the rental banal is growing, but there's a shortage of units for families, and the wait-list for societal lodging is getting longer, a caller study shows.

The Metro Vancouver determination territory released its yearly study connected lodging information connected Friday, which shows rent increases slowed to 4.5 per cent successful 2024, down from 9.1 per cent the twelvemonth before. 

Rental operation was astatine a 20-year peak. There was a 35 per cent summation successful lodging starts and a 48 per cent summation successful completions betwixt 2015 and 2024. Purpose-built rentals accounted for 37 per cent of lodging starts and 31 per cent of completions successful 2024, the study said.

"However, much is needed to scope humanities per capita operation rates and conscionable the demands of anticipated colonisation growth," it said.

There is simply a peculiar request for family-sized rental units. Only 30 per cent of each purpose-built rental units successful the portion person 2 oregon much bedrooms, it said.

For astir a decennary successful the aboriginal 2000s, the study said rental starts and completions were down, resulting successful pent-up demand.

The mean outgo of rent for purpose-built rentals successful Metro Vancouver was $1,929 past year, rising to $2,541 for rental condominiums.

The mean outgo of renting a recently built portion successful the portion past twelvemonth was $2,739, putting it 42.7 per cent higher than the mean rent for an existing, already occupied unit.

Rising rent outpacing wages and inflation

The median rent successful the portion accrued by 143 per cent betwixt 2002 and 2024, portion mean wages successful B.C. roseate 93 per cent and ostentation jumped by 58 per cent implicit the aforesaid clip period, the study said.

While the gait has slowed, rents are expected to proceed rising, it said.

Vacancy rates crossed Metro Vancouver accrued to 1.6 per cent successful 2024, up from 0.9 per cent successful the erstwhile 2 years.

But the territory said successful a connection that vacancy rates crossed the portion remained "well beneath a steadfast level" of astatine slightest 3 per cent. The societal lodging banal has accrued by 5.8 per cent since 2022, and Vancouver had astir fractional of the societal lodging units crossed the region.

But determination was a 14 per cent summation successful the fig of households connected the wait-list for societal lodging past year, surpassing 21,500. Seniors and families marque up the largest stock of households connected the registry for B.C. Housing, the study said.

Meanwhile, the fig of radical experiencing homelessness successful the portion continues to rise, expanding by 33 per cent since 2020. There was a 122 per cent summation betwixt 2005 and 2023, the district's study said.

Nearly 40 per cent of Metro Vancouver households are renters, and the study said the "trend toward renting continues."

The stock of renters successful the portion accrued to 38 per cent betwixt 2016 and 2021, up from 36 per cent.

The displacement toward renting is "especially pronounced" among younger households ranging successful property from 25 to 44, the study noted.

Renters' median incomes successful 2020 ranged from $51,600 successful an country including the University of B.C. to a precocious of $135,000 successful the Village of Lions Bay.

For homeowners, the study said median incomes varied from $78,500 successful the aforesaid area, including the university, to $170,000 successful the Village of Anmore.