{"id":21581,"date":"2023-03-27T10:10:00","date_gmt":"2023-03-27T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21581"},"modified":"2023-03-27T09:02:32","modified_gmt":"2023-03-27T16:02:32","slug":"metro-vancouver-rental-demand-could-quadruple","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/03\/metro-vancouver-rental-demand-could-quadruple\/","title":{"rendered":"Metro Vancouver Rental Demand Could Quadruple"},"content":{"rendered":"<p style=\"text-align: justify;\">Demand for rental units in Metro Vancouver and the rest of Canada could quadruple by 2026, further highlighting how demand is outpacing growth, according to an RBC special report.<\/p>\n<p style=\"text-align: justify;\">While the report looks at nationwide demand, Robert Hogue, assistant chief economist at RBC, said that the general direction of demand is \u201cpotentially the same\u201d for BC.<\/p>\n<p style=\"text-align: justify;\">\u201cThere&#8217;s still tremendous demand that we expect over the coming years for rental units,\u201d said Hogue. \u201cEven though we have seen over the last year some increases in the construction of purpose-built rental apartments, it\u2019s unlikely to be enough.\u201d<\/p>\n<p style=\"text-align: justify;\">Nationwide, the purpose-built rental housing stock increased by its fastest pace since 2014, according to the RBC report. But absorption rates in BC and across Canada outpaced the construction, resulting in low vacancy rates, said Hogue. Increases in immigration and pressures on construction further compound the issue.<\/p>\n<p style=\"text-align: justify;\">This is mirrored by the Canada Mortgage and Housing Corp. (CMHC) January market rental report, which states that demand is outpacing growth in Canada\u2019s three largest rental markets, which includes Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cThe shortages that we have right now are likely to grow quite substantially in the coming years. Unless we&#8217;re ready to ramp up the pace of construction,\u201d Hogue said.<\/p>\n<p style=\"text-align: justify;\">Across Canada, this could result in a shortage of 120,000 rental units by 2026, the report said. In order to achieve rental stability, the nation will have to add 332,000 units to its current rental stock.<\/p>\n<p style=\"text-align: justify;\">In Vancouver specifically, the purpose-built rental stock increased by 2.8%, in 2022, according to RBC.<\/p>\n<p style=\"text-align: justify;\">Across the Vancouver census metropolitan area, which accounts for all of Metro Vancouver, there was an increase in rental stock of 3.3%, according to CMHC. In all of BC, 14,546 purpose-built rental homes were registered in 2022, according to the BC government.<\/p>\n<p style=\"text-align: justify;\">However, fast absorption of those units resulted in a vacancy rate of 0.9% in Metro Vancouver, according to CMHC. For condominium rentals, the vacancy rate is 2.2%.<\/p>\n<p style=\"text-align: justify;\">Population growth and immigration are main drivers of this demand, with new data from Statistics Canada giving \u201cfurther confirmation,\u201d Hogue said.<\/p>\n<p style=\"text-align: justify;\">As of Jan. 1, 2023, Canada\u2019s population reached an estimated 39,566,248 people, according to StatCan. This represents a growth of 1,050,110 people from Jan. 1, 2022, to Jan. 1, 2023.<\/p>\n<p style=\"text-align: justify;\">\u201cThe magnitude of the increase in population we saw in 2022, could possibly not be sustained. What I think is reasonable to expect in the coming years is still very solid population growth in Canada, fuelled by immigration,\u201d Hogue said.<\/p>\n<p style=\"text-align: justify;\">In 2022, Canada recorded 437,180 immigrants and an estimated net-increase of 607,782 non-permanent residents, according to Statistics Canada. Both numbers \u201crepresent the highest levels on record,\u201d said the agency in the data release.<\/p>\n<p style=\"text-align: justify;\">Hogue also highlighted that labour and inflationary pressures on construction are both \u201cbig issues.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cTalk to any builder and developer, they will tell you pretty clearly that there&#8217;s a significant constraint on more units being constructed,\u201d he said.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2023\/03\/demand-outpacing-growth-metro-vancouvers-rental-market\" target=\"_blank\" rel=\"noopener\">Demand is Outpacing Growth in Metro Vancouver&#8217;s Rental Market<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Demand for rental units in Metro Vancouver and the rest of Canada could quadruple by 2026, further highlighting how demand is outpacing growth, according to an RBC special report. While &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/03\/metro-vancouver-rental-demand-could-quadruple\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-21581","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Rental Demand Could Quadruple &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/03\/metro-vancouver-rental-demand-could-quadruple\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Rental Demand Could Quadruple &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Demand for rental units in Metro Vancouver and the rest of Canada could quadruple by 2026, further highlighting how demand is outpacing growth, according to an RBC special report. 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