Vancouver Retail Market Report

Intensification or redevelopment strategy is ongoing. Given Vancouver’s geographical surroundings, the metro faces supply-side challenges – especially in Vancouver’s residential sector, which has resulted in widespread affordability hurdles. The metro’s average home price sat nearly 160 per cent above the national average to end 2024, while apartment rents were also 38 per cent higher than the countrywide rate. The consequent push for residential construction has caused mixed-use developments to surge in popularity. Meanwhile, these types of projects often replace older retail buildings, resulting in an overall smaller retail footprint. This lack of inventory growth is one reason why underlying retail property fundamentals are showing robust performance. There are, however, some residential intensification projects that will increase retail inventory– such as Oakridge Park, Richmond Centre and Coquitlam Centre – leading to some much-needed supply growth that could unlock expansion efforts.