Do you ever wonder why it is so hard to find an apartment in Vancouver? The answer is simple: it is because of migration. Migration is changing the citys market in big ways. For a time people from other countries and other parts of Canada have been moving to Vancouver and this has created a lot of demand for rental housing. Things are different now. The market is. It is changing fast. In this guide I will explain how migration is affecting the market in Vancouver and what this means for people who are looking for a place to rent for landlords and for investors.
The Golden Era: When Migration Fueled Vancouver's Rental Frenzy
Let me tell you what things were like a few years ago. From 2022 to 2024, migration was driving the market in Vancouver like never before. Students, workers, and people who were moving to Canada were all coming to the city. This was creating a lot of demand for apartments. The result was that it was very hard to find a place to rent and the prices were very high. It was a time for landlords but it was a tough time for renters.
Between 2022 and 2024 it was getting harder and harder to find an apartment. The prices were going up and up. This was because many people were moving to Vancouver and there were not enough apartments to go around. The young people, who were the ones who were most likely to be renting were having a time finding a place to live. Migration was driving the market in Vancouver and it seemed like nothing could stop it.
The Sudden Reversal: What Changed in 2025-2026?
Then everything changed. The government started to let people into the country and this had a big impact on the rental market in Vancouver. The vacancy rate, which is the percentage of empty apartments went up from 1.6% to 3.7% in just one year. This was the change in over 30 years. The reason for this change was that the government was letting people into the country and this was reducing the demand for apartments.
The numbers are clear. In 2025 the population of British Columbia actually went down. Over 41,000 people left the province. At the time a lot of new apartments were being built and this was adding to the supply. The prices of apartments in Vancouver have been going down for 30 months. They are now about 20% lower than they were in 2023. Migration is still driving the market in Vancouver but it is not as strong as it used to be.
How Migration Is Driving Rental Demand in Vancouver Today
Even though the market has slowed down migration is still affecting the market in Vancouver. The demand for apartments is still there. It is not as high as it used to be. A lot of apartments are being built and this is adding to the supply. The brand-new buildings that were built during the pandemic are the ones that are being affected the most by the decrease in prices.
What is interesting is how this is playing out in parts of the market. The new buildings are the ones that have the vacancy rates while the older buildings are still in high demand. The apartments that are in the price range are still hard to find and the people who are looking for these apartments do not have a lot of options. In the downtown area the demand for apartments is still strong. In the suburbs it is weaker.
So while migration is not driving the market in Vancouver as much as it used to the need for housing is still there. It is just that there are apartments available now and this is giving renters more options.
The Supply Pipeline: A Flood of New Units
The construction boom in Vancouver is changing the market in a big way. A lot of apartments are being built and this is adding to the supply. It will take years for the market to absorb all of these new apartments and until then the prices will not go up.
The data from the Canada Mortgage and Housing Corporation shows that a lot of apartments are being built and this is creating a lot of competition for landlords. The average price of an apartment in Vancouver is now $2,630 per month, which is down 9.2% from last year and 16.5% from the peak in 2023.
What This Means for Renters, Landlords and Investors
For renters the current market is a time to find an apartment. There are a lot of options and the prices are lower than they have been in a long time. Some landlords are even offering rent to attract tenants. The number of available apartments has gone up by 40% in the past year which is the biggest increase in any major city in Canada.
For landlords and investors the situation is more complicated. The value of their properties is going down. They are having to offer incentives to attract tenants. Investors are being more careful. They are looking for higher returns on their investments. Migration is still driving the market in Vancouver but it is not as strong as it used to be and this is making things challenging for landlords and investors.
The Longer-Term Outlook: What Comes
Even though the market has slowed down experts do not think that this is a change. They think that the market will recover and that migration will again be driving the demand for apartments in Vancouver. The question is when this will happen.
The forecast from the Canada Mortgage and Housing Corporation says that the rental market will continue to slow down over the few years but then it will start to recover. The supply of apartments is going to decrease and this will create more demand for the apartments that are already available. When migration starts to drive the demand for apartments the market will tighten up and the prices will start to go up.
The relationship between migration and the rental market in Vancouver is changing. The market is not as strong as it used to be. This is creating more options for renters. The vacancy rate is high the prices are low. Landlords are offering incentives to attract tenants. This is not a permanent change, and migration will once again drive demand for apartments in Vancouver. For now renters have options and investors have to be more careful. Understanding how migration is affecting the market in Vancouver is key to navigating the changes happening in the market.
The construction boom in Vancouvers market is really something. There were a lot of buildings finished in 2025 and even more are coming in 2026. This is making it so that rents are not growing fast and it is a good time for people who are renting. It will probably take a years for all the new apartments to be filled. We do not think that rents will start going up until 2028.
The Canada Mortgage and Housing Corporation has numbers that show a lot of apartments were finished in early 2026. A lot of these apartments were meant to be sold. Now they are being rented out instead. This is happening because not many people are moving to Vancouver as they used to. All these new apartments are making it a great time for people who are renting. The average rent for an apartment in 2026 was $2,630 per month. This is down 9.2% from the year and 16.5% from the peak in January 2023.
What This Means for Renters, Landlords and Investors
For people who are renting this is a time. There are a lot of apartments available. It has been this way for a long time. The vacancy rate is 3.7 percent, which’s the highest it has been since 1988. Some landlords are even offering months of rent to get people to move in. The number of apartments in Vancouver went down by 40 percent from the year before. This is the drop of any big city in Canada.
For landlords and investors things are not as simple. The value of buildings is going down which is making it hard for some people to sell. This is why some developers are offering incentives to get people to rent. Investors are being careful. Trying to make sure they get a good return on their money. They know that rents might not be as high year. Even though not many people are moving to Vancouver right now this will probably change in the long term.
The Longer-Term Outlook: What Comes
Even though the market is slow now experts do not think it will collapse. They think it is a correction. David Venance from Cushman & Wakefield said that people still want to live in Vancouver they are just not moving fast as new apartments are being built. Greg Ambrose from Colliers Canada said that in two years the rental market might be tight again because there will not be many new apartments being built.
The Canada Mortgage and Housing Corporation thinks that the rental market will keep getting softer over the three years.. They also think that when people start moving to Vancouver again the market will get tight really fast. The question is not if people will start moving to Vancouver but when.
Conclusion
The way that people moving to Vancouver affects the rental market is changing. The thing that was making rents go up fast has stopped and now it is a great time for renters. There are a lot of apartments rents are down and some landlords are offering free months of rent. But this is a cycle it is not a permanent change. When people start moving to Vancouver the rental market will get tight again. For now it is a time for renters but it is hard for investors. We need to understand what is happening with people moving to Vancouver to know what will happen next.
Frequently Asked Questions (FAQs)
Migration is not driving rental demand in Vancouver as much as it used to. The government has changed the rules for immigration which has slowed down population growth. There are also a lot of apartments being built which has added to the supply. The vacancy rate is now 3.7 percent, which's the highest it has been since 1988.
The vacancy rate in Metro Vancouver is 3.7 percent, which's the highest it has been since 1988. This is up from 0.9 percent in 2023.
Yes, they are. Rents in Vancouver have been going down for 30 months in a row. Are now about 20 percent lower than they were in 2023. The average rent for an apartment in 2026 was $2,630 per month, which is down 9.2% from the year before.
The market softened because of two things: the government changed the immigration rules, which slowed down population growth and a lot of apartments were built, which added to the supply. The population of British Columbia actually went down by 0.2 percent in 2025.
Experts think that rents will not start going up until 2028. This is when the supply of apartments will start to run out and immigration will pick up again. The number of apartments being built is already going down.
It depends on how you are willing to wait and what your strategy is. The short-term outlook is tough, with rents going down and vacancies going up. The long-term fundamentals are still strong. Investors are trying to get returns to make up for the current market. Many people think that the market will tighten again when migration picks up.
Co-Founder & Director
Hafil Perincheeri is an engineer-turned-realtor, investor, and builder based in Calgary, Canada. As Co-Founder and Director of Greencasa, he specializes in home flips, property development, and investment strategies. Since 2019, he has guided clients in home buying, multifamily investing, and financing options like CMHC and MLI Select, ensuring transparent, informed decisions.