Sign outside West End Vancouver apartment building advertising places for rent.
When it comes to the rental market, Metro Vancouver continues to be at the top — or depending on how you look at the numbers, the bottom.The average rent for all two-bedroom units in Metro Vancouver in October 2023 was $2,181, while the average for units being turned over to new tenants was $2,601, CMHC data shows. by the Canadian Mortgage and Housing Corporation was released Wednesday, showing data from October 2023 for all major cities in the country.
Overall, rents for all buildings increased by an average of nine per cent over October 2022, while the vacancy rate remained the same.in 2023, and you see in Vancouver, for example, that it kept everything really tight," said Braden Batch, a senior economist with the CMHC.While Metro Vancouver's numbers attract the most attention in the housing discussion, rents continued to be comparatively high in major population centres across British Columbia.
The number of apartment units in Metro Vancouver with turnover sank from 11 per cent in 2022 to eight per cent in 2023 — one of the lowest numbers in the country, continuing a downward trend seen for many years."This feeling that people have that you can't move to the next place — it's not just an anecdote, it shows up in that data," said Batch, explaining that more people feel unable to move to a different rental or join the home ownership market compared to the past.
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