Mortgage Helper | Money
How Much Rent to Expect
The rent you assume determines whether the whole plan works, so it is worth getting from a source rather than from optimism.
The short answer
Use CMHC's rental market survey data for the specific zone rather than asking listings or estimating. Then reduce it for vacancy. A suite is usually smaller and less desirable than a full apartment, so the top of the market is not your comparable.
Where the number should come from
CMHC runs a rental market survey and publishes average rents by zone and by unit size. It is the closest thing to an authoritative figure and it is free.
Asking rents on listing sites are what landlords hope for, not what tenancies actually run at, and they skew high. They are a useful sanity check and a poor primary source.
Why your suite is probably below average
Survey averages cover purpose-built rental apartments. A suite inside someone's home is a different product: often below grade, usually smaller, with less light, shared laundry, and a landlord living upstairs.
That is not a criticism of suites. It is a reason to sit below the average rather than at it when you build your budget.
Then take some off for vacancy
A tenancy ends, a suite sits empty for a few weeks, and the mortgage payment does not pause. Building in twelve months of rent every year assumes an occupancy rate nobody achieves indefinitely.
Modelling eleven months rather than twelve is a small change that makes the plan considerably more robust.
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Common questions
Where do I find real rent figures?
CMHC's rental market survey publishes average rents by zone and unit size, which is the defensible source. Listing sites show asking rents, which are what landlords hope for and skew high.
Should I use the average for the area?
Sit below it. Survey averages cover purpose-built rental apartments, and a suite inside a home is typically smaller, often below grade, with less light and a landlord upstairs. It is a different product from the one being averaged.
How much vacancy should I assume?
Some. Assuming twelve months of rent every year assumes a tenancy never ends. Modelling eleven is a small adjustment that makes the plan hold up when a tenant does move out.
Where these figures come from
- CMHC, rental market survey data
Average market rent by zone, used for rent-to-price comparisons.
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- VanPlex active listings, MLS® data
Active townhouses, half duplexes, and row houses built in the last two years across Metro Vancouver and the Fraser Valley.
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Find homes with a suite
Every figure in this hub comes from listings you can open. Search the full set and combine a suite with price, bedrooms, parking, and distance to a station.