Latest home ownership, renovation, and rental housing news for Vancouver, BC.
CMHC's latest rental market report shows Vancouver's vacancy rate has climbed to 1.8%, the highest level recorded in over ten years. New purpose-built towers in Mount Pleasant, East Vancouver, and the West End are credited with easing pressure on renters, though average rents remain among the highest in Canada at $2,650/month for a one-bedroom.
The City of Vancouver has increased its forgivable loan ceiling to $60,000 for homeowners adding secondary suites, laneway homes, or basement suites. Applications have surged 40% since the program expansion, with the city aiming to add 3,000 new rental units through the initiative by 2028.
Residential renovation permits in Vancouver jumped 18% year-over-year, with kitchen remodels and bathroom upgrades leading the charge. Contractors report backlogs of 3–5 months as homeowners choose to improve rather than sell in a market where move-up costs remain prohibitive.
All BC strata corporations must file updated depreciation reports by December 2027 under new provincial legislation. Vancouver condo owners are urged to review their strata's reserve fund status now, as buildings with underfunded reserves may face special levies ahead of the deadline.
Surrey leads Metro Vancouver in housing starts for the third consecutive year, with 2,400 new units — a mix of single-family homes, townhouses, and purpose-built rentals — breaking ground this quarter across Newton, Cloverdale, and South Surrey. City planners say the pipeline will help moderate price growth in one of BC's fastest-growing municipalities.
Average rents for one-bedroom apartments within 800 metres of Surrey Central SkyTrain have crossed $2,100/month, a 9% increase year-over-year. Transit-oriented demand continues to outpace supply despite several new rental towers completing construction along the King George Boulevard corridor.
Surrey has recorded the highest volume of BC Renovation Rebate applications in the province, with over 4,200 homeowners claiming rebates on energy-efficient upgrades including heat pumps, triple-pane windows, and spray-foam insulation. The average rebate claimed in Surrey is $7,800.
Luxury homes in South Surrey and White Rock continue to attract buyers from across Metro Vancouver, with ocean-view and waterfront properties averaging $2.8M — largely unchanged from 2025 peaks. Agents say limited supply and lifestyle demand are insulating the segment from broader market softness.
Richmond City Council has designated several parcels along the No. 3 Road corridor as rental-only zones, unlocking development potential for approximately 800 new purpose-built rental units near Canada Line stations. The move is part of Richmond's 10-year housing strategy to address a rental vacancy rate of just 0.9%.
With Richmond sitting below sea level, flood-proofing renovations are becoming a priority for local homeowners. Sump pump upgrades, raised electrical panels, and waterproof basement coatings are among the most requested services, supported by a new municipal rebate of up to $5,000 per household.
Presale condo registrations in Richmond dropped 22% compared to the same period last year, as prospective buyers hold off pending further Bank of Canada rate reductions. Developers are responding with extended deposit structures and assignment flexibility to maintain sales momentum.
A wave of heritage home restorations is transforming Steveston Village, with owners investing in full exterior repaints, cedar siding replacements, and period-accurate trim work. Local contractors report a 60% increase in heritage-focused project inquiries compared to 2024, driven by rising neighbourhood pride and property values.
Langley Township recorded its highest-ever quarterly townhouse sales volume, up 31% from the same period in 2025. Families relocating from Vancouver, Burnaby, and Coquitlam are driving demand, attracted by comparatively affordable prices averaging $820,000 for a three-bedroom townhome and access to top-rated schools.
With the Surrey–Langley SkyTrain extension on track for a 2027 opening, investor activity near future Langley City stations has intensified. Land values within 500 metres of planned stops have risen 18% in 12 months, and the city has received 14 new rental development applications in the past quarter alone.
Deck additions, covered patios, pergolas, and outdoor kitchen installations are the most requested renovation projects in Langley this year. Contractors attribute the trend to larger lot sizes and a post-pandemic preference for outdoor entertaining space, with average outdoor project budgets reaching $28,000.
Langley City Council has approved a 120-unit affordable housing project in the city core, developed in partnership between BC Housing and a non-profit operator. Units will be prioritised for households earning under $65,000/year, with rents set at 30% of household income. Construction is expected to begin in Q1 2027.
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