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
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
U.S. Senate passes bill forcing TikTok's parent company to sell or face ban, sends to Biden for signature
The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
Wildfire southwest of Peace River spurs evacuation order
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.