A new report from Canada Mortgage and Housing Corporation predicts new housing starts in B.C. to decline in 2024 before rebounding in the following years.
Looking at the Greater Vancouver, the reports paints a mixed picture. It notes that rental construction has “gained traction in recent years” with multi-units starts on the rise. Vacancy rates in Greater Vancouver are set to hover just below 1 per cent for the coming years. Figures for 2024 peg the vacancy rate at 0.8 per cent, rising to one per cent in 2026. Rents are also supposed to go up. CMHC is forecasting that a two-bedroom unit will rent at $2,380 per month in 2024, rising to $2,800 in 2026.
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