Secondary Market Inventory | Metro Vancouver

Secondary rental housing refers to privately-owned housing that is currently rented. This can include single-detached homes, laneway houses, secondary suites, town homes, rented condominiums, etc. Secondary rental housing is less secure as it can be taken out of the rental market at any time by the owner.

Data on the secondary rental market comes from the Canada Mortgage and Housing Corporation (CMHC) and includes rental condominium apartments only. Rental condominiums represent a third of the region's condominium apartments.

Rental condominiums by CMHC sub-area

Rental condominiums as percentage of total condominiums by CMHC sub-area

Average rents of rental condominiums by bedroom count

Vacancy rates of rental condominiums by CMHC sub-area

Key observations

Across Metro Vancouver, the percentage of condominium apartments used as rentals has increased from 29.6% in 2020 to 33.9% in 2025.
Fom 2020 to 2025, the Vancouver City sub area consistently has the highest number of rental condominiums with a steady rise in rental share compared to the overall condominium stock (37.7% to 40.9%).
A third of the region’s condominium apartments in 2025 were rental. The Vancouver City sub area continued to play a key role in the rental market with the highest proportion (41%), followed by Suburban Vancouver (31.1%), Fraser Valley (30%), and North Shore (24.9%).
Rental condominiums are growing at a much faster rate than the total stock of condominiums across Metro Vancouver. The overall condominium stock grew 21.4% from 2020 to 2025 while the rental condominiums grew 38.8%, which is nearly double the pace.
From 2020 to 2025, Fraser Valley sub area was the fastest growing condominium market with the total stock growing by 37.8% and the rental condominiums growing at a substantial 83.65%. In comparison, Suburban Vancouver’s total stock increased 26.5% and rental condominiums increased 50.8%.
In 2020, Vancouver City accounted for 47.3% of all rental condominiums and Fraser Valley at 13.1%. In 2025, Vancouver City accounted for only 40.5% and Fraser Valley had 17.3% of the total. The data indicates that the rental market is decentralizing away from the Vancouver City sub area.
Secondary rental housing data is sourced from the CMHC Rental Market Survey which defines the Fraser Valley sub area as Delta, Surrey, White Rock, Langley City, Langley Township, Pitt Meadows, and Maple Ridge. The Suburban Vancouver sub area is Central Park/ Metrotown, Southeast Burnaby, North Burnaby, New Westminster, Richmond, and Tri-Cities.
In 2025, the vacancy rate for rental condominiums in Metro Vancouver was 1.5%, a 0.7% increase from 2024, but still below the high of 2.2% in 2022. In comparison, the vacancy rate of purpose-built apartments increased from 1.6% in 2024 to 3.7% in 2025.

Trends in rented condominium apartments, available on the secondary rental market

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.
Vancouver City includes Burrard Peninsula, Vancouver Westside, and Vancouver Eastside.
Burrard Peninsula includes West End, Stanley Park, English Bay, and Downtown.
Vancouver Westside includes South Granville/Oak, Kitsilano/Point Grey, Westside/Kerrisdale, Marpole, and University Endowment Lands.
Vancouver Eastside includes Mount Pleasant/Renfrew Heights, East Hastings, and Southeast Vancouver.
Suburban Vancouver includes Central Park/Metrotown, Southeast Burnaby, North Burnaby, New Westminster, Richmond, and the Tri-Cities.
Fraser Valley includes Delta, Surrey, White Rock, Langley City and Langley Township, Pitt Meadows, and Maple Ridge.
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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