Below-Market Rental Housing in Vancouver

What "below-market" means in Vancouver

In Vancouver ->, the average rent for a one-bedroom apartment was $1,807 a month in October 2025, and $2,364 for a two-bedroom (CMHC Rental Market Survey, October 2025). These are the market benchmarks that below-market programs are measured against.

A below-market rental unit is one where rent is set lower than the local market average, usually 10% to 20% lower, through a government program, funding agreement, or policy requirement. The rent is fixed at the below-market level. It is not geared to your income the way deep-subsidy housing is.

Below-market housing is not the same as the BC Housing Registry or deep-subsidy programs. It serves a different income range. If your household earns below roughly $58,000 a year (the Housing Income Limit, or HIL, for Vancouver), deep-subsidy programs and the Registry are the right starting point. If you earn more than that, below-market programs are where to look.

BC Builds: the largest middle-income rental program in Vancouver

BC Builds is the provincial program for middle-income workers. In Vancouver, BC Builds buildings set rents at roughly 20% below the CMHC market average for the area.

Who qualifies (2026 income limits):

• Must be 19 or older
• Must have working income (employment, self-employment, or business)
• One-bedroom or smaller: household income between $84,780 and $143,900
• Two bedrooms or larger: household income between $84,780 and $197,400

What the rents look like:
Using October 2025 CMHC data, a BC Builds unit in the Vancouver CMA would rent for approximately:

• Studio: ~$1,334/mo (vs. market $1,667)
• One bedroom: ~$1,446/mo (vs. market $1,807)
• Two bedrooms: ~$1,891/mo (vs. market $2,364)

How to apply: There is no central BC Builds waitlist. Buildings advertise available units when they open. Apply directly to the building operator. Check bcbuildshomes.ca for current availability, or sign up for Rentable alerts to be notified when Vancouver buildings open.

Community Housing Fund: below-market units in mixed-income buildings

The Community Housing Fund (CHF) finances non-profit organisations to build new rental buildings across BC. Most CHF buildings are mixed-income: some units are geared to income (rent-geared-to-income, or RGI) for lower-income renters, and some are priced at below-market rents for households above the deep-subsidy income limit.

The below-market tier in CHF buildings is sometimes called Low End of Market (LEM) housing. Income limits vary by building and region, and each building is operated by a different non-profit.

How to apply: Applications typically go through the BC Housing Registry. Each building operator makes the final selection. Because buildings are completed and units offered on a rolling basis, supply opens and closes at different times across the city.

CHF buildings are available across Vancouver. To find them, search BC Housing's housing listings filtered by Vancouver and look for below-market or LEM units.

MIRHPP buildings: still renting, no longer expanding

Vancouver's Moderate Income Rental Housing Pilot Program (MIRHPP) was the city's flagship below-market rental initiative. It ran from 2015 to 2022 and was closed to new building approvals on January 31, 2022.

The pilot is not accepting new buildings. But the approximately 20 buildings already built and operating under MIRHPP will continue renting at below-market rates as long as the housing agreements are in place. Rents are typically about 20% below the CMHC market average for a building's area.

Income requirements: Generally four to five times the annual rent, though the exact rule varies by building.

How to apply: Contact the operators of individual MIRHPP buildings directly. There is no city-run MIRHPP waitlist or application. Each building manages its own intake.

Because the program is closed to new approvals, the supply is fixed. MIRHPP units are available but not growing.

What is not available in Vancouver

It is worth being clear about two things that renters often search for in Vancouver that do not exist as described.

A Vancouver city housing waitlist for below-market units. The City of Vancouver does not run a central below-market housing application. MIRHPP buildings, CHF buildings, and BC Builds buildings all have their own operators and their own application processes. There is no single form or single list (yet) - sign up to Rentable listing alerts -> as we build relationships with housing providers to solve this exact problem.

BC Housing programs for households earning over $58,000. The BC Housing Registry and programs like the Rental Assistance Program (RAP) and Shelter Aid For Elderly Renters (SAFER) serve households at or below the deep-subsidy income limit. If your income is above that, the Registry is not the right path. BC Builds and LEM programs are.

How income maps to programs in Vancouver

Household income and what to look at:

• Under $58,000: BC Housing Registry, RAP (families), SAFER (60+)
• $58,000 to $84,779: CHF below-market/LEM units, CRHC (Victoria), check city-specific programs
• $84,780 to $143,900 (1BR): BC Builds, CHF LEM tier
• $143,901 to $197,400 (2BR+): BC Builds (2+ bedrooms), CHF LEM tier
• Above $197,400: Market rent

Source: BC Housing Housing Income Limits, December 2025. BC Builds income limits, 2026. All eligibility is confirmed at the time of application.

The $58,000 to $84,779 band is the hardest to serve in Vancouver. BC Builds requires a household income of at least $84,780. CHF LEM units may be available but supply is limited. This is the narrowest part of the gap.

How to find below-market rentals in Vancouver right now

For BC Builds: bcbuildshomes.ca lists available and upcoming buildings.

For CHF and other BC Housing-connected programs: Use the BC Housing housing search at housingsearch.bchousing.org, filtered by Vancouver.

For MIRHPP buildings: Contact building operators directly. A list of MIRHPP buildings can be found through the City of Vancouver's housing resources.

To understand what you qualify for: Take the Rentable Eligibility Quiz -> to see programs matched to your specific situation. We don’t store personal data or take your name or contact information.

For listing alerts: Sign up for Rentable's alerts -> to be notified when below-market supply opens in Vancouver. You choose the city, income range, and bedroom size, and we contact you when something matches.

Where to start

If you are not sure which programs -> fit your household, take the Rentable quiz. It asks about your income, bedroom needs, and city, and matches you to the programs you are eligible for in Vancouver.

Take the quiz to find Vancouver programs that match ->

If you know what you are looking for and want early notice when units open:

Sign up for listing alerts in Vancouver ->

Data sources: CMHC Rental Market Survey, October 2025. BC Housing Housing Income Limits, December 2025. BC Builds program income limits, 2026. City of Vancouver MIRHPP documentation. Eligibility is confirmed at the time of application. Program rules change. Check directly with program operators before applying.