2024 Canadian Mortgage and Housing Corporation Rental Market Report

This report serves as an information report to the Council of the District of North Vancouver, summarizing the findings of the 2024 Canadian Mortgage and Housing Corporation (CMHC) Rental Market Report, released on December 17, 2024. The report provides a detailed analysis of vacancy rates and rental rates for apartments and row houses in the primary rental market, specifically focusing on purpose-built rentals. Key findings indicate that the median rent for all purpose-built rental units in the District is $2,437, reflecting a 9.3% increase from the previous year. The overall vacancy rate stands at 2.9%, which is an increase from 2.8% in 2023. The report also compares these figures to the Metro Vancouver area, highlighting that the District's median rent is 33.9% higher than the Metro Vancouver median. Additionally, the report outlines the methodology used for data collection and the criteria for inclusion in the CMHC Rental Market Report, emphasizing the importance of this data for informing affordable housing projects within the District.