Apartment building has underpinned Vancouver's construction employment, but it's not expected to last

The Vancouver real estate market is at a near-peak level for ongoing multifamily construction. Nearly 60,000 units are underway, 40% of which are rental units. However, sliding rents, elevated construction costs (for materials, labour and/or capital), the added economic uncertainty presented by the sudden global trade war, and the anticipation of a reduction in population growth have combined to affect multifamily development across every major market across the country, including Vancouver. The city appears to be headed into a long cycle of reduced building activity.