The current drop in demand for rental properties and resulting drop in rent prices, can be attributed to several factors. Closed borders mean the usual immigrants, international students, and foreign workers are absent from the current rental pool. While I don't have a crystal ball, my belief is that once the borders open and our world gets back to normal, the extremely low vacancy rates and high rents that Vancouver's rental market is known for will return. While the rent caps are a relief for current renters, there is also a downside. It's common for long-term renters to experience a large price gap between their current rent and market rents, making it, for many, cost prohibitive to ever move.

Source: CBC News March 07, 2021 17:02 UTC