Vancouver’s vacancy tax was a success, 11,118 condos added to the rental market in 2019

Vancouver’s vacancy tax was a success, 11,118 condos added to the rental market in 2019

  • British Columbia
  • Finance
  • Real Estate
December 1, 2020

Canada Mortgage and Housing Corporation (CMHC) reports more than 11,000 condos were added to the rental market in Vancouver in 2019. The study says of the out of the 11,118 units, 2,294 were new condos rented out by investors, while 8,824 were being used by their owners for another purpose and are now being offered as long-term rentals.

The opposite has happened between 2016 to 2018 where rental condos were converted to other uses. This is the time when the real estate market began to boom. The BC government announced past week that the empty home tax will increase to 3% from the original 1% in hopes to keep the trend going. We believe most of the landlord who cannot bare the empty home tax converted already, the additional 2% point should not have much effect compared to when the tax was introduced. Airbnb crackdown in 2018-2019 would help shift from short term rental to long term rental too.

Despite the increase in rental supply, the vacancy rate remained unchanged at 0.3%. It is good to praise the work we have done so far, but the number of available homes on the market is still not enough. The growing population is increasing the demand for homes. I think we should take on a different perspective to solve the situation from a total population perspective.

The rental market in 2020 has been disastrous, those who cannot afford to pay rent takes to the street and rental cost has been dropping due to lack of demand. It is tenant’s market right now; this is a good time to reconsider housing option and go on a multi-year contract with the landlord.

COVID-19 changed how the world operates and the damage done are catastrophic. We cannot predict which way the market will go because any moment a cure can be developed, and restrictions lifted.

Yoyoe Lu

Founder and managing principal

Yoyoe is the founder and managing principal of Claridge. She was ranked one of Vancouver’s top real estate agents. Currently, Yoyoe is our strategic mind leading the team to success. Her affiliation with industry professionals put her ahead of our competitors. Yoyoe is also part of the Rotary Club of West Vancouver, Canadian Homebuilders Association, Urban Land Institute and Urban Development Institute.

Ashley Osborn

Development Site and Investment Specialist

Ashely is our lead land and investment advisor. He has been consistently featured in the annual top 100 real estate deals of British Columbia ranking. With over $15 billion worth of domestic and international real estate investments under his belt, Ashley is one of the top agents in the province. His 20 years of real estate and financial experience make him a master in negotiation and acquisition.

Patricia Wong Chong

Investment and Leasing Specialist

Patricia is our investment and retail leasing advisor. Her experience in brokerage and market research analysis has helped her comprise over $550 million in commercial real estate transactions. Patricia is responsible, detail-oriented, and professional. Her strong work ethic and positive attitude have led her to surpass all her competitors.

Schumann Li

Land Assembly & Residential Specialist

Schumann is a top-producing realtor in the Lower Mainland with more than 30 years’ experience. Over the years, Schumann hasn’t just garnered awards, but the trust of countless customers. Her clients continually refer to her outstanding professionalism, work ethic and poise.

Wendy Kaip

Sales Associate

Whether it’s decoding city policies, strategizing relocation plans, home sellers looking for a trustworthy advisor to unlock their property’s maximum potential- Wendy is here to help every step along the way.

Prior to real estate, Wendy spent over a decade in the mining industry with her attention to detail, keen negotiation skills, extensive network and strong reputation for getting the deal done, bringing endless value to her current real estate clients.

Whether you are thinking about selling to a developer, or have more questions about commercial real estate, Wendy invites you to connect, to see how she can utilize her expertise and team to help create value and maximize your real estate goals.

Simon Chan

Managing Broker

Simon is the managing broker of Claridge Real Estate Advisors Inc. His expertise has helped our agents resolve many difficulties. Not only is Simon knowledgeable with real estate legislation, but he is also very detail orientated. With Simon on our team, our agents are confident to conduct businesses and will always get the support they need to ensure they’re not walking on dirty water.

Frank Zhou


As the analyst of the company, my key job is to help brokers to find marketable clients and locate feasible development sites by collecting and analyzing up-to-date market transaction data and conducting target market and property-level research. Meanwhile, I am also in charge of maintaining the company’s property database to ensure accuracy and comprehensiveness and continuously upgrading the level of knowledge by staying up to date with hot topics, and market trends, and incorporating findings into everyday work. Before joining the company, I worked for CR Group as a real estate investment manager, focusing on capital raising, equity and debt financing, acquisition and renovation. I hold 2 master’s degrees, one in Housing Management and the other in Economics.