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
BREAKING New York appeals court overturns Harvey Weinstein's 2020 rape conviction from landmark #MeToo trial
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
Monthly earnings rise, payroll employment falls: jobs report
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Honda expected to announce Ontario EV battery plant, part of a $15B investment
Prime Minister Justin Trudeau, Ontario Premier Doug Ford and Honda executives are expected to announce today that the Japanese automaker is building an electric vehicle battery plant in Alliston, Ont., part of a $15-billion investment.
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
Metro Vancouver mayors call for serial killer Robert Pickton to be denied parole
A dozen mayors from around Metro Vancouver say federal Attorney General and Justice Minister Arif Virani should deny parole for notorious B.C. serial killer Robert Pickton, and reassess the parole and sentencing system for 'prolific offenders and mass murderers.'
What do weight loss drugs mean for a diet industry built on eating less and exercising more?
Recent injected drugs like Wegovy and its predecessor, the diabetes medication Ozempic, are reshaping the health and fitness industries.