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."
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6945600.1719608806!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
'We need new leadership': Liberal MP writes to caucus, says Justin Trudeau should resign
A sitting Liberal MP has written to the federal caucus to say he thinks Prime Minister Justin Trudeau should resign. 'For the future of our party and for the good of our country we need new leadership and a new direction,' said New Brunswick MP Wayne Long in the brief note.
DEVELOPING Minivan slams into a Long Island nail salon, killing 4 and injuring 9, fire official says
A minivan slammed into a Long Island nail salon Friday, killing four people and injuring 9, a Suffolk County fire official said.
Ontario MPP removed from PC caucus over 'serious lapses in judgment'
Premier Doug Ford has removed a member of his caucus due to what he’s describing as 'serious lapses in judgment.' In a statement released Friday morning, the premier’s office said MPP Goldie Ghamari had been removed from the Progressive Conservative caucus 'effective immediately.'
Is marriage harder than it was 10 years ago? Why one psychologist thinks so
Marriage might be the oldest institution in the world, but it's struggling to adapt to the pressures of modern life. Registered psychologist Adisa Azubuike explains why it's more difficult today.
Sharks take forward Celebrini first overall at NHL draft
Macklin Celebrini is a member of the San Jose Sharks after the club selected the centre from Vancouver with the top pick at the 2024 NHL draft.
BREAKING Judge approves $9.5-million settlement in Calgary Stampede sex abuse lawsuit
A judge has approved a $9.5-million settlement for complainants in a class action lawsuit that accused the Calgary Stampede of allowing a performance school staffer to sexually abuse young boys.
Multivitamins don't help you live longer, study suggests
Millions of people who take multivitamins everyday may not be reaping the perceived health benefits, according to new research published in the Journal of the American Medical Association.
Five survivors from Sudbury, Ont., rescued in human trafficking investigation
Six people have been charged in a provincial human trafficking investigation that identified five survivors from Greater Sudbury.
Biden concedes debate fumbles but declares he will defend democracy. Dems stick by him ─ for now
U.S. President Joe Biden forcefully tried on Friday to quell Democratic anxieties over his unsteady showing in his debate with former President Donald Trump, as elected members of his party closed ranks around him in an effort to shut down talk of replacing him atop the ticket.