Looks like both. The pipeline of new projects is drying up, but for the moment, Metro Vancouver housing completions have been running at record levels (30,855 in 2025, versus 25,614 in 2024 and 20,797 in 2023). At the same time, demand is weakening, due to economic uncertainty from Trump's trade war and a sharp reduction in population growth. https://dailyhive.com/vancouver/vancouver-record-housing-completions-2025
Interesting trends. Rentals.ca don't seem to have any supply side metrics - is this a story of strengthening supply or weakening demand?
Looks like both. The pipeline of new projects is drying up, but for the moment, Metro Vancouver housing completions have been running at record levels (30,855 in 2025, versus 25,614 in 2024 and 20,797 in 2023). At the same time, demand is weakening, due to economic uncertainty from Trump's trade war and a sharp reduction in population growth. https://dailyhive.com/vancouver/vancouver-record-housing-completions-2025
Effectively even a higher drop, around 28%, when considering income grew in the same period