Pace of rent increases slows, but housing costs still rising in Metro Vancouver

The pace of rent increases in Metro Vancouver slowed last year compared with 2023 and the rental stock is growing, butthe regional district says homelessness continues to rise and the wait-list for social housing grows.

Metro Vancouver has released its annual housing data, showing rent increases slowed to 4.5 per cent in 2024, down from 9.1 per cent the year before. 

Rental construction is at a 20-year peak and vacancy rates increased to 1.6 per cent in 2024, up from 0.9 per cent in the previous two years.

But the district says in a news release that vacancy rates across the region "remain well below a healthy level" of at least three per cent.

There was a 14 per cent increase in the number of households on the wait-list for social housing last year, surpassing 21,500, and the district says seniors and families are the most represented groups on the list.

The report says homelessness in Metro Vancouver continues to rise, increasing by 33 per cent since 2020.

The average cost of rent for purpose-built rentals in MetroVancouver was $1,929 and $2,541 for rental condominiums last year, and the district says in the report released Friday that rents are expected to continue to rise, albeit at a slower pace.

Picture Courtesy: THE CANADIAN PRESS/Darryl Dyck