Vancouver fourplex and multiplex cap rates
Fourplex and multiplex · Vancouver, BC · cap rates 2.2% - 3.6% · vacancy 1.6%
Vancouver is usually a policy and land-value thesis, not a current-income market under standard leverage.
Sources: CMHC Rental Market Survey (October 2024) · Statistics Canada CMA population · Realtor.ca — 101 active listings · Bank of Canada posted rates. Figures are computed estimates — verify before acting.
- Average rent
- $1,929
- CMHC purpose-built · October 2024
- Cap rate range
- 2.2% - 3.6%
- Live listings · 25–75th %ile
- Price per door
- $525k - $875k
- Live listings · 25–75th %ile
- CMA population
- 3,088,036
- +0.2% YoY · StatCan 2025
- Vacancy rate
- 1.6%
- CMHC RMS · October 2024
- Rent rules
- High
- High regulation risk
Market screen
AssetAvenue analysis
Vancouver cap rates screen 2.0% - 3.5%, $700k - $1.6M per door, with average rent near $3,150 a door. The desk underwrites vacancy at 1% - 2.5% and operating expenses at 28% - 38% of gross rent.
Scores
Location score
68/100Composite of demand, vacancy risk, regulation, affordability pressure, and zoning.
First-time investor score
41/100Debt coverage and cash-on-cash at the market's benchmark leverage, plus landlord-regulation and market risk.
Developer score
79/100Zoning, affordability pressure, and investor demand.
What to verify on a deal here
- Rent: in-place leases against the $2,700 - $3,800 benchmark.
- Financing: a lender term sheet at the contract rate, re-tested at the qualifying rate.
- Operating: expenses against the 28% - 38% ratio, with local insurance and tax quotes.
- Closing: provincial transfer tax, legal, lender, and diligence costs.
Market data
Bedroom rents from CMHC RMS (October 2024). Neighbourhood scores and rents are editorial estimates.
Rent by bedroom type
CMHC purpose-built avg · October 2024
Neighbourhood scores
Editorial market score by area
Neighbourhood rents
Editorial estimate · average rent per unit
Neighbourhood intelligence
The desk's read of each area. Rents are editorial estimates, not survey data.
Kitsilano
$3,450 avg rent · very high demand
Best fit: Land and multiplex
Multiplex policy review
Mount Pleasant
$3,300 avg rent · very high demand
Best fit: Premium rental
Transit and employment node
Renfrew-Collingwood
$2,950 avg rent · high demand
Best fit: Gentle density
Station-area potential
Provincial investor rules
- Province
- British Columbia
- Rent regulation
- High
Transfer costs: BC property transfer tax; additional taxes may apply by buyer/property profile
Zoning and open data: Municipal zoning, provincial housing legislation, multiplex policy, and transit-oriented development areas.
Investor watchouts
- Negative carry risk
- Development approval timing
- Tenant and vacancy constraints
Underwriting benchmarks
- Rent range
- $1,769 – $2,744
- CMHC RMS · October 2024
- Cap rate range
- 2.2% - 3.6%
- Live listings · 25–75th %ile
- Price per door
- $525k - $875k
- Live listings · 25–75th %ile
- Vacancy assumption
- 1.6%
- CMHC October 2024
- Expense ratio
- 28% - 38%
- Rent rules
- High
- CMHC 1BR rent
- $1,769
- October 2024
- CMHC 2BR rent
- $2,313
- October 2024
Financing sensitivity: Negative carry is common unless land-use upside is substantial. Data sourcing: hover any icon above for methodology. Rent and vacancy from CMHC RMS. Cap rate and price-per-door bands come from the multi-unit listings, with a stated door count, among 101 live Realtor.ca listings. Remaining benchmarks are editorial estimates. Always confirm with property-level diligence.
Signals affecting Vancouver
Opportunities in Vancouver
101 active listings on Realtor.ca · 6 screened in AssetAvenue
Vancouver underwriting questions
- What cap rate should I expect on a Vancouver fourplex?
- Current screen: 2.2% - 3.6%. The middle half of this market's active multi-unit Realtor.ca listings that state their unit count. A fourplex is conventional financing — MLI Select starts at five units. Confirm NOI from the rent roll; street and condition move the print.
- How tight is vacancy in Vancouver?
- CMHC purpose-built vacancy is 1.6% as of October 2024. Small multifamily can run tighter or looser than the metro survey.
- What strategies fit Vancouver?
- Development/intensification, Long-term land hold, Premium rentals. Rent rules: High.
- Does AssetAvenue cover Canadian income property in Vancouver?
- Yes. This desk underwrites Vancouver, BC income property at the qualifying rate, with CMHC and Bank of Canada context where we have it.