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
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Which foods have the most plastics? You may be surprised
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.
opinion I've been a criminal attorney for decades. Here's what I think about the case against Trump
Joey Jackson, a criminal defence attorney and a legal analyst for CNN, outlines what he thinks about the criminal case against Donald Trump in the 'hush money trial.'
$3.8M home in B.C.'s Okanagan has steel shell for extra wildfire protection
A home in B.C.'s Okanagan that features a weathering steel shell designed to provide some protection against wildfires has been listed for sale at $3.8 million.
Diver pinned under water by an alligator figured he had choice. Lose his arm or lose his life
An alligator attacked a diver on April 15 as he surfaced from his dive, nearly out of air. His tank emptied with the gator's jaws crushing the arm he put up in defence.
Psychologist becomes first person in Peru to die by euthanasia after fighting in court for years
A Peruvian psychologist who suffered from an incurable disease that weakened her muscles and had her confined to her bed for several years, died by euthanasia, her lawyer said Monday, becoming the first person in the country to obtain the right to die with medical assistance.
Mystery surrounds giant custom Canucks jerseys worn by Lions Gate Bridge statues
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
Celebrity designer sentenced to 18 months in prison for smuggling crocodile handbags
A leading fashion designer whose accessories were used by celebrities from Britney Spears to the cast of the 'Sex and the City' TV series was sentenced Monday to 18 months in prison after pleading guilty in Miami federal court on charges of smuggling crocodile handbags from her native Colombia.
Wildfire leads to evacuation order issued for northeast Alberta community
An evacuation order was issued on Monday afternoon for homes in the area of Cold Lake First Nation.