The completion of Signal, one of Vancouver’s largest purpose-built rental projects, marks a rare moment of opportunity for renters in the city’s notoriously tight housing market. But experts warn this supply surge may not last long.
Developed by Intracorp Homes and Oxford Properties, the project includes two towers- 27 and 32 storeys- delivering over 500 new rental units near Cambie and Marine Drive, adjacent to the Canada Line transit station.
A Surge in Supply, for Now
Signal’s launch arrives at a time when renters in Vancouver have more bargaining power than they’ve had in years. According to Statistics Canada, the average asking rent for a two-bedroom apartment in Vancouver fell from $3,440 in Q1 2024 to $3,170 in Q1 2025, though it remains the highest in Canada.
However, developers like Intracorp’s Evan Allegretto caution that the current abundance is temporary:
“We have a runway of 18 to maybe 24 months with more competition, but once that supply gets absorbed, there’s going to be nothing to backfill.”
Because Signal began construction years ago when materials and labour were less expensive, it can absorb some pricing softness. But future projects may not be so viable.
More Projects Coming—But Not Enough
Over 6,000 purpose-built rental units are expected to hit the Vancouver market over the next two years. However, real estate data firm Zonda Urban says just over 2,000 are in late-stage development and likely to be completed within the next 12 months.
Key projects include:
- Sen̓áḵw in Kitsilano (1,600 units by Squamish Nation & Westbank)
- Two other builds in Marpole and along the Cambie Corridor (400 units combined)
By contrast, only 1,000 new rental units were completed between January 2024 and June 2025—far short of demand.
Why Signal Stands Out
Signal offers a mix of studio, one-, two-, and three-bedroom units, with studio rents starting at $2,300/month. The smallest studios are around 410 square feet. The project also features amenities tailored to today’s urban renters: pet-friendly spaces, bike infrastructure, transit proximity, retail, restaurants, and parks.
“We’ve designed this like a community, not just a building,” said Josh Giancola of Oxford Properties.
The developers are adopting a pre-sale-style marketing approach, including online campaigns, transit signage, and partnerships with local brokers to help renters budget and plan.
A Rare Window for Vancouver Renters
This influx of new rentals means renters, for the first time in years, have real choice and leverage in the Vancouver market. But developers caution that rising construction costs and fewer planned projects could mean this rental boom is short-lived.
For renters considering a move, now may be the time to lock in a deal while supply and incentives are at their peak.
References:
A big Vancouver rental project is completed and it’s seeking tenants | Vancouver Sun
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