Affordable Houses Promised By The BC Government in 2020114,000
Affordable Houses Built By The BC Government3,625
Population moving to Vancouver each year 4,921
Rental houses completed last year in Vancouver896
When the pandemic ends and immigration returns, we will face a looming rental crisis caused by massive lack of new rental homes and a vacancy rate well below a healthy 3%.
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Average Greater Vancouver vacancy rate of rental apartments in 2018
1.0%
Average age, and getting older, of purpose-built rental apartments
60
Total number of rental apartment buildings in Greater Vancouver
3,250
Over 34,000 people move to the Lower Mainland each year and only about 1,137 rental homes are built each year to accommodate all the new renters.
Vacancy Rates
% Change in rents
There are only 3,100 rental apartment buildings in Metro Vancouver, of which 1300 are in municipalities other than the City of Vancouver.
Not enough rental being built
Proposed Units (buildings)
Approved Units (buildings)
Under Construction Units (buildings)
Completed Units (buildings)
Cancelled Units (buildings)
Suburbs
6,035 (45)
1,098 (13)
2,847 (20)
528 (3)
0 (0)
Vancouver
1,703 (32)
2,582 (37)
3,031 (30)
737 (8)
703 (2)
Total
7,738 (77)
3,680 (50)
5,878 (50)
1,265 (11)
703 (2)
Projected occupancy 2020-2022
Projected occupancy 2019-2021
Projected occupancy 2018-2020
Occupancy 2018
Source: Goodman Report
*Average rate of monthly rent for one bedrooms in Greater Vancouver for 2018