Tough milestone for Vancouver renters

Renters continue to “feel the squeeze” in Vancouver, with monthly rates for a one-bedroom hitting a new milestone, and yet another all-time high.

According to the latest monthly analysis in the Zumper Canadian Rent Report, the median rent for a one-bedroom unit in the city hit $2,500 for September. Two-bedroom rent jumped 5.5 per cent to $3,630.

This is the fourth consecutive month of all-time high rents in Vancouver, according to the report, and Vancouver is head and shoulders above the other 23 cities analyzed.

Toronto is the next highest, but rent actually dropped below the $2,000 threshold to a median of $1,980 for a one-bedroom, continuing its downward trend.

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Victoria, Burnaby, and Kelowna are the next most expensive cities for one-bedroom units.

As B.C.’s municipal leaders and administrators meet at the Union of BC Municipalities Convention in Whistler, rent control is on the radar.

A Victoria city councillor put forward a motion Thursday asking the province to consider rent caps when a tenant vacates a home, pointing to a 34 per cent average rent increase for two-bedroom units in the city over the past year.

It didn’t pass but the 279 delegates were split, with the motion falling just a few votes short.

Councillor Jeremy Loveday says the fact rent controls are being taken so seriously shows the scale of the problem.

Earlier this month, the provincial government capped rent increases for existing residential tenants to two per cent for 2023.

When making the announcement, Premier John Horgan said it was a response to improve affordability in the province amid “unprecedented inflation.”

Previously, in 2022, B.C. landlords were allowed to raise rents 1.5 per cent.

Editor’s note: This article has been updated to reflect last year’s allowable rent increase figure.