Source: Canada Mortgage and Housing Corporation (CMHC), Starts and Completions Survey, December 2023; CMHC Rental Market Survey, October 2023; CMHC, adapted from Statistics Canada (Census of Canada and National Household Survey), 2021. This information is reproduced and distributed on an “as is” basis with the permission of CMHC.

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Vancouver is a dominant force in British Columbia’s housing market, ranking first in both new construction starts and completions, contributing 69% of the province’s total. Its substantial share makes the city a trendsetter within the region. Vancouver also stands out with a longer average construction time (22.8 months) compared to the provincial average of 21 months. The city's rental market reflects a slightly lower vacancy rate (0.9%) than the provincial average (1.2%), with 1-bedroom units having the lowest vacancy, while 2-bedroom units hold the highest. Similarly, across BC, 1-bedroom units maintain the lowest vacancy rates, whereas bachelor and 3-bedroom units show higher vacancy rates. Vancouver also tops the charts in terms of median rent, with its rent being approximately 9% higher than the provincial average.

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New Housing Construction

• Duration Trends: All housing types have shown an increasing trend over the past decade, reaching their all-time highs. Apartments, however, experienced a brief decrease in 2021 and 2022 but still follow an overall upward trajectory, hitting a record-high duration of 26.4 months.
• Started Trends: Over the past decade, apartments have dominated Vancouver's housing market, averaging 71% of all new construction starts and reaching a peak of 83% in 2023. Row houses, on the other hand, have seen a sharp decline in new projects, hitting an all-time low in 2023. While single houses follow a declining trend, semi-detached housing experienced an upward trajectory over the past decade, except a dip in 2023.
• Completed Trends: Despite the growing share of new apartment starts, the completion share of apartments has fallen in recent years. In terms of completed construction, single houses and semi-detached houses have followed opposite trends. Between 2014 and 2018, semi-detached completions declined while single houses increased, but from 2018 to 2023, the trend reversed, with semi-detached housing completions rising and single housing completions declining. Row house completions have not followed a consistent trend over the past decade, displaying a sinusoidal pattern instead.

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Vacancy Rate

• All unit types exhibited a similar pattern of decline between 2012 and 2016, with 2016 marking their all-time low. This was followed by a steady trend until 2019, and then a sharp increase in 2020. Afterward, vacancy rates declined again, with 3-bedroom and 1-bedroom units nearing their all-time lows in 2023. Notably, 3-bedroom and bachelor units have seen the highest demand between 2022 and 2023, as their vacancy rates experienced the most significant decreases.

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Median Rent

• All unit types have experienced an increase in median market rent over the past decade. Two-bedroom units saw the most significant growth, with a 75% increase, while bachelor units had the lowest growth rate, rising by 58%.

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Population and Households

• Over 50% of the structures consist of single and low-rise buildings, while high-rise buildings also hold a notable share of approximately 20%.
• About 56% of the population falls into the two highest income categories, with only 6% in the lowest income bracket.
• More than half of the population resides in 1- or 2-person households