Vancouver Rental Shift: Tenants Get a Break as Landlords Face a Tougher Market

By Troy Tyrell | WBN News Vancouver | Jan 08, 2026
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Landlords in Vancouver and Metro Vancouver are feeling the squeeze as rental prices soften and vacancy rates climb, a major change after years of relentless rent growth. Meanwhile, renters are starting to see real relief, choices, and opportunities that have not existed in more than a decade.

Rents Finally Easing Across the Region

After years of record high asking rents, new rental data shows significant downward pressure on prices across Metro Vancouver.

New reports show unfurnished one and two bedroom rents falling 5 to 10 percent year over year in cities like Vancouver, Burnaby, and the North Shore compared with last year.

Neighbouring areas such as Coquitlam and New Westminster saw double digit rent drops, offering cheaper options than core Vancouver locales.

It is a reversal from recent history, where Vancouver routinely ranked among Canada’s most expensive rental markets, and a sign that rents are not just stabilizing. They are beginning to actually drop in some corners.

Vacancy Rates Climbing, A Shift in Power

The Canada Mortgage and Housing Corporation’s latest rental market data shows vacancy rates in Metro Vancouver have climbed to around 3.7 percent, the highest level since the late 1980s. This shift is directly linked to price movement.

When vacancy creeps above roughly 3 percent, landlords often find themselves playing catch up, lowering rents or offering incentives to fill vacant units. That phenomenon is happening right now as more supply meets slower demand, partly due to fewer temporary residents like international students and foreign workers.

Why This Matters: Landlords vs. Tenants

For Renters, Real Advantages

✔ More listings and choice. Higher vacancy means tenants can negotiate, compare, or secure incentives.
✔ Lower asking rents. Prices dropping 5 to 10 percent in many parts of Metro Vancouver provide tangible monthly savings.
✔ Opportunity to move up. More options give renters leverage they have not had in years.

For Landlords, Headwinds Ahead

⚠ Longer vacancy periods. More empty units in the market mean properties may sit unleased longer.
⚠ Pressure to lower rents. With more competition among landlords, asking rents are softening across the region.
⚠ Policy limits on rent increases. British Columbia caps annual rent hikes, restricting how much landlords can raise rents even when costs climb.

Snapshots from the Data

📌 Vancouver remains expensive, but rents are easing
Despite declines, Vancouver still commands some of the highest rents in the country, but the trend is downward rather than up.

📌 Vacancy is a key driver
High vacancy, the highest in decades, is shifting negotiating power toward renters.

📌 External forces at play
Outflows of international students and fewer temporary workers have softened rental demand, adding to the supply cushion.

What Happens Next?

Experts agree that if vacancy rates stay elevated and supply continues to increase, Vancouver’s rental market may keep easing, at least in the near term.

For landlords, this means rethinking pricing, amenities, and leasing strategies to stay competitive. For tenants, it could mean a rare period of real leverage in negotiating rents and terms.

Bottom Line

After years of skyrocketing rents and tight vacancy, the Metro Vancouver rental market is shifting into a new phase. Tenants are seeing more options and lower prices, while landlords face greater competition and pressure on returns.

If you are renting soon or own a rental property, this could be one of the most important housing shifts in years.

Sources: CMHC rental reports, liv.rent December 2025 Vancouver rent data, local housing price analysis and vacancy statistics.

By Troy Tyrell, Founder of Tsquared Personal Training
WBN Contributor | Community Builder | Mountain Biker | Advocate for Local Business & Fitness
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