Primary vs Secondary Market

The number of rental condominium apartments has grown substantially in recent years, nearly matching the number of purpose-built rental apartments and townhouses across the region. Rental condominiums provide an additional source of units for the rental market and are crucial amid the current housing shortage. However, secondary rental housing is less secure than purpose-built rentals as they can be taken out of the rental market at any time by the owner.

Trends in rental condominiums and purpose-built apartments and townhouses inventories

Average rents of rental condominiums and purpose-built apartments and townhouses in Metro Vancouver

Vacancy rates of rental condominiums and purpose-built apartments and townhouses

Key observations

Between 2020 and 2025, rental condominiums increased by 38.8% (+29,960 units), significantly outplacing purpose-built rentals, which increased by 11.6% growth (+13,402 units).
In 2025, average rents for all rental condominiums in Metro Vancouver were $2,715 or 38% ($745) higher than the $1,970 average for purpose-built rental units.
Despite higher rents, rental condominiums had a lower vacancy rate (1.5%) than purpose-built rentals (3.7%). This may reflect factors such as larger unit sizes, higher-quality finishes, and more extensive amenities.

Notes

The glossary provides definitions of each technical term, ensuring consistent interpretation.
Jurisdiction and Metro Vancouver totals may not equal the sum of individual values due to rounding, data suppression, or the omission of smaller data points to maintain visual readability. If a geography is not listed or appears missing, the associated data was either unavailable or did not meet reporting thresholds.
Proportion percentages are calculated using available data and may exclude instances of missed or suppressed data.
Data includes purpose-built apartments and rental townhouses.
The CMHC purpose-built market rental universe excludes secondary suites, non‐market rental units, and privately rented condominium units.

Source
This information is from Statistics Canada census data, and the CMHC Rental Market Survey.

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