The average rental price for an apartment in Vancouver jumped 23 per cent since last year.
The jump kept Vancouver ahead of Toronto as the most expensive city in Canada for renters, with two-bedroom rentals averaging $3,000 per month — an increase of more than 17 per cent compared to the same period last year. The average rent for a one-bedroom rental was just over $2,200.
Rising interest rates and limited housing supplies mean that a lot of people who might have considered making the jump from renter to homeowner are holding off. “In Vancouver, there’s not enough places for people to live,” Danison said, noting the vacancy rate in the GVRD was 1.2 per cent in February.Vancouver is far from the only city in B.C. where rents are rising.
, which seeks to move away from single-family homes towards more density, is a step in the right direction, according to Danison.
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