Metro Vancouver rental market: RBC report warns of growing rental crunch

Anyone who has tried to rent a home in Metro Vancouver recently already knows just how challenging it can be to find an affordable place — and a new report suggests the situation will worsen in the coming years.

According to a report from RBC, Canada is facing a deficit of about 30,000 rental units.

Statistics Canada says the country's population grew by a record 1,050,110 people in 2022 and that the RBC report says immigration is adding to the rental crunch.

With Canada expected to continue welcoming newcomers at high rates in the years ahead, the report suggests the rental deficit could soar to 120,000 units by 2026 unless drastic action is taken to increase rental stock.

Data released by the Canada Mortgage and Housing Corporation shows Vancouver had a 0.9 per cent vacancy rate for purpose built rentals in 2022.

The latest National Rent Report released by Rentals.ca shows the average price for a one-bedroom apartment in Vancouver is $2,500 per month and the average cost of a two-bedroom apartment is $3,500 per month.

"Canada is in a housing crisis and it will be going forward. For someone that's a single parent with children, it's just really tough,” said Rentals.ca’s Paul Danison. “They’d have to move to somewhere they could afford. Outside Metro Vancouver. Outside the GTA."