More vacancies but higher average rent prices forecast for Metro Vancouver: CMHC [Video]

Metro Vancouver’s rental market will see growing vacancies but higher average prices over the next couple of years, according to the latest forecast from the Canada Mortgage and Housing Corporation (CMHC).

CMHC’s latest forecast summary for Vancouver’s rental market projects an annual vacancy rate of 2.9 per cent in 2027, up from 1.6 per cent in 2024 and a projected rate of 2.1 per cent this year.

However, that doesn’t mean rental prices are necessarily going to drop. The corporation projects the monthly rent for an average two-bedroom will rise to $2,758 in 2027, up from $2,314 last year and a projected $2,461 this year.

“A record number of units are under construction now, especially in purpose-built rental construction as efforts to increase rental supply,” says CMHC economist Shiva Moshtari Doust. “Most of these units will enter the market in the next few years.”

WATCH | Decrease in rental demand …