Every week I talk to people who are planning a move to Greater Vancouver and want to know one thing: how hard will it be to find a place? A Vancouver Sun report from October 30 gives a useful snapshot of the newest part of the rental market, the purpose-built rental buildings that have just opened or are about to.
What the report found
The story draws on data from Zonda Home, a firm that tracks real estate. As of late October, 59.5% of the released units in new purpose-built rental buildings across Metro Vancouver were leased. That is close to the 60.6% figure for the Toronto and Hamilton area, and in the same range as Edmonton (58%), Ottawa (57.8%) and Calgary (52.8%).
A few more numbers from Zonda's Jon Bennest stood out to me:
- There are 49 buildings actively leasing across Metro Vancouver and the Fraser Valley.
- About 900 units are being leased each month, out of 2,634 released units that are available. He described that as about three months of new rental supply.
- The average new rental project in Metro is taking about 10 months to lease up, which he called "a somewhat healthy rate."
The article contrasts this with the condo side, where Postmedia reported in September that more than 5,000 finished but unsold condos and townhomes were sitting across Metro. Bennest said many builders who used to build condos for investors are now shifting to purpose-built rentals.
Free rent is still on the table
This is the part I'd pay attention to if you're looking for a place. According to the report, newly launched rental buildings with larger unit counts are still offering incentives such as one or two months of free rent to build leasing momentum.
The article also notes that population growth has slowed. Ottawa reduced its immigration targets in 2025, and Postmedia reported in September that Vancouver's population shrank by more than 8,000 people. David Woo of Starlight Investments linked unleased rental supply across Canada partly to those immigration changes and to the wider economy. Bennest expects reasonably strong demand for newer rentals once population growth settles down, so I wouldn't count on these deals lasting forever.
What this means for you
If you're a newcomer moving here: a brand-new building can be a good fit when you're arriving from out of province or overseas. There's a professional leasing office, a clear application process and, right now, sometimes a free month or two. Ask every building what incentive it's offering and exactly how it's applied. Is it taken off the first months, spread across the lease, or tied to a longer term? Compare the total cost over the full lease, not just the advertised monthly rent.
If you're already renting: with roughly three months of new supply on the market, you may have more choice than you did a few years ago. That's worth knowing before you renew or start a search. It doesn't mean rents are cheap. The report itself says leasing is holding up "even in the face of high rental costs."
If you're in the Tri-Cities, BC: the report's city-by-city details focus on Vancouver and Burnaby/New Westminster, so I won't stretch its numbers to Coquitlam or Port Moody. In practice, many people I help compare new buildings near SkyTrain in Burnaby with options in Coquitlam and Port Moody, so the regional picture still matters.
If you're a condo owner thinking of renting your unit out: new rental buildings with amenities and move-in incentives are your competition. Price and present your unit with that in mind.
How I can help
My leasing work covers all of Greater Vancouver. My relocation rental service is $1,500 + GST, paid by the tenant: $750 non-refundable at the start and $750 once a rental is secured. The ideal time to reach out is 4-6 weeks before your move. You can read how it works on my rental help for tenants and newcomers page, and my guide to relocating to Greater Vancouver covers neighbourhoods and the basics of settling in. If you're weighing renting against buying, my home buyer services page explains how I work with buyers.
Call or text me at 604-809-1032 if you'd like to talk through your move.