Vancouver is at rental price all time high

August 7, 2023August 7, 2023 Top Quality Canada Alberta, british columbia, Calgary, canada, inflation, Metro Vancouver, ontario, real estate, recession, Rental prices, toronto, vancouver

Who will be on the throne this time, Toronto or Vancouver, this is the question. Will it be the urban jungle of the GTA or western breezy city of Vancouver? The answer is: Vancouver has taken the throne this month for the most expansive city in Canada including the throne for the most greedy landlords and investors. Let’s have a big applause for the saddest cost of living increase.

Once more, Metro Vancouver is home to Canada’s top five most expensive rental markets this month. According to a survey from Liv.rent, the average rent for an unfurnished one-bedroom apartment in the area surpassed $2,400 this month as average rentals grew for the fifth consecutive month by another $25. According to the real estate rental firm, rentals have increased by $230 since August 2022.

But wait a minute! That must be some sort of conspiracy theory!? We hear from the news outlets that Canadian economy is stable and that inflation is dropping! But how comes the rent prices are on the rise and will most likely rise even more? Is the cost of living exempt from news inflation equation?

Well, this “conspiracy theory” has become the truth and nightmare for many Vancourerites.

One-bedroom apartments in Vancouver and the surrounding communities continue to be the most costly to rent in the nation. Vancouver tops the pack with a monthly rent of $2,849, but the average for a basic property is getting close to $3,000 a month.

West Vancouver and North Vancouver are in second and third place, respectively, with $2,764 and $2,718. At $2,646, Richmond is a little further behind. The average rent in Burnaby, which completes the top five, is $2,399 on the east side of Boundary Road, although there is a gap.

However, Burnaby is in the lead in a different category since there, the price per square foot has reached $4.26, surpassing even Vancouver ($3.79). $3.14 is the average price for Metro Vancouver as a whole.

With unfurnished one-bedroom flats still costing on average under $2,000 in Surrey and Langley, the most affordable towns in the Metro Vancouver area. Langley is close to $1,970, while Surrey is barely under that at $1,994.

North Vancouver actually has the most costly municipality for furnished, one-bedroom houses. Furnished rates vary a little. Rent for furnished multi-room houses in West Vancouver has significantly increased, reaching $5,183 for two-bedroom residences and rising to $7,900 for three bedrooms.

Even in got to place like Calgary Alberta has seen unprecedented rental price hikes. Calgary’s average asking rentals for purpose-built and condominium apartments increased 18% yearly to $2,008, topping $2,000 for the first time and passing Montreal to take the #4 spot among the biggest cities in Canada. With average asking rentals of $3,301 and $2,813, respectively, Vancouver and Toronto, the most costly rental markets in the nation, had annual rent rise of 15.7% and 15.4% in June. Similar yearly rent rise of 15.3% was observed in Ottawa, the third most costly of Canada’s biggest cities in June, with an average asking rent of $2,146. For purpose-built and condominium apartments, June saw double-digit yearly rent increases in each of Canada’s six biggest cities.