Vacancy rate improves in Maple Ridge and Pitt Meadows

A push to add more purpose-built rentals is improving the vacancy rate for renters in Maple Ridge and Pitt Meadows, according to a new federal report.

Canada Mortgage and Housing Corporation released its latest rental market report and it shows the percentage of one-bedroom rental units available to be rented in Ridge Meadows has risen more than one per cent in the past year to 3.1%.

The rental stock is expected to continue to grow in Ridge Meadows as several development projects are being converted to rentals only due to the crashing condo market in recent years.

More rentals available have a positive impact on rents. Overall, the average rent in Ridge Meadows has dropped about $110 to $1,465 in the past year, according to CMHC.

“Rent growth slowed across Metro Vancouver after several years of high increases,” said the report. “A softer rental market due to both increased supply and lower demand led to the lowest same-sample percentage rent change in 20 years. This rate was lower than the province’s maximum allowable rent increase of 3% in 2025, indicating many landlords weren’t raising rents for existing tenants. This trend was clearest in centres facing lower demand outside of the inner core.”

After years of decline, rental turnover increased across all unit types in 2025, continuing the trend from 2024. This reflected a softer rental market, with more options and competitive pricing for renters.

Turnover was highest in newer concrete and luxury buildings, where rents were higher, giving tenants less reason to stay. Operators of those buildings proactively increased non-cash incentives to retain existing tenants.

Federal policy changes affecting non-permanent residents, such as temporary workers and students, softened demand in the region. Higher youth unemployment and slow wage growth also reduced demand for studio and 1-bedroom units. Many young professionals were choosing co-living with roommates or their parents.

British Columbia’s population growth fell sharply in recent quarters, due to a substantial decline in net international migration. B.C. saw 3 consecutive quarters of outflow of non-permanent residents, most of whom were renters.