Rents in Vancouver continue to rise, with no relief in sight: report
Vancouver once again has the dubious distinction of being the most expensive city in Canada for renters, along with having the highest year-over-year rate price increase, a new report says.
The average rent in the city was $2,925 in April, up 29.9 per cent from the same time last year when it was $2,331, according to Rentals.ca.
"The average rental rates in Vancouver remained relatively constant throughout the pandemic before experiencing some significant increases in more recent months," the report says.
For a one-bedroom, the average price was $2,280 – up 13.9 per cent from April of 2021. The cost of a two-bedroom was $3,122 – an annual increase of 16.6 per cent.
In a recently-published forecast from Rentals.ca, experts said renters across Metro Vancouver are unlikely to see a break any time in 2022.
Brock Lawson, formerly the manager of rental data for British Columbia for Zonda Urban, shared his predictions with the platform. Rates will continue to rise, he said, as there is no prospect of supply keeping pace with demand.
"There is still a severe supply shortage in the region with little supply that is imminent to launch in the market,” he said, noting there are about 2,500 units of purpose-built rental planned for the coming year.
“Unfortunately, it would take several years of well-above-average rental apartment construction to shrink the current massive supply deficit in this market.”
An expected influx of immigration, the return of post-secondary students to campuses and workers to offices are all factors that will drive up competition for the relatively few units available, he added.
He also said some pandemic trends like virtual showings and online applications will persist. However, the days of landlords offering incentives to prospective tenants are decidedly done.
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.
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.
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.
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.
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.
Train derailed in Sarnia after colliding with a truck
Police are investigating after a transport truck collided with a train in Sarnia.
Fewer medical students going into family medicine contributing to doctor shortage
As some family doctors are retiring and others are moving away from family medicine, there are fewer medical students to take their place.
'It's discriminatory': Individuals refused entry to Ontario legislature for wearing keffiyeh
Individuals being barred from entering Ontario’s legislature while wearing a keffiyeh say the garment is part of their cultural identity— and the only ones making it political are the politicians banning it.
Bodies found by U.S. authorities searching for missing B.C. kayakers
United States authorities who have been searching for a pair of missing kayakers from British Columbia since the weekend have recovered two bodies in the nearby San Juan Islands of Washington state.