Vancouver rental prices skyrocket: report

There is further proof of how incredibly expensive it is to live in Vancouver.

The latest numbers from Rentals.ca show there has been a year-over-year 14.7 per cent increase in prices. It says a one-bedroom suite in the city is going for $2,787 a month and a two-bedroom is going for $3,741 a month. Vancouver is the most expensive city for renters in all of Canada, according to these numbers.

“Going forward, the annual rate of rent growth should remain elevated due to record high population growth and low home ownership affordability but should also moderate as rents are compared to fully recovered levels a year ago,” says the online report for May.

It says compared to the lowest rents, which were recorded in April 2021, rents have since increased the most in B.C. and Ontario, at 28 per cent and 29 per cent, respectively.

“Annual rent inflation in April was strongest in Ontario, where average asking rents for purpose-built and condominium apartments increased 16.7 per cent to $2,421. Alberta followed close behind with annual growth of 14.8 per cent that pushed average rents up to $1,500 – a $921 discount compared to Ontario and a $968 discount compared to British Columbia ($2,468). Annual rent growth was slowest in British Columbia at 5.6 per cent.”

When it comes to condos, the website says a three-bedroom apartment is being rented for $4,154 in Vancouver.

“Vancouver, the most expensive of Canada’s largest markets, recorded the third fastest annual rent growth of 16.8 per cent in April, pushing average asking rents up to $3,236. Each of Canada’s six largest rental markets continued to see rents rise by more than 10 per cent over the past year. Rents for condominium and purpose-built apartments have increased the most in Vancouver, up 47 per cent and in Toronto, up 41 per cent.”

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Big cities aren’t the only ones seeing increased rates. Rentals.ca adds mid-sized markets are also dealing with major jumps in prices seen in April. The highest rent for that market in Canada is Oakville.

“The next three most expensive mid-sized markets were in British Columbia and included Burnaby ($2,894), Coquitlam ($2,788), and Richmond ($2,723),” reads the online report.

If you don’t want to spend that much anymore, consider moving to Atlantic Canada. “The only mid-sized market in the top 25 most expensive outside of Ontario and British Columbia was Halifax ($1,999).”