Unexpected BC city sees a massive spike in asking rent

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While we’re used to seeing Vancouver atop lists regarding the cost to rent, one unexpected BC city saw a significant spike in rates year-over-year.

A joint report from Rentals.ca and Urbanation compiled some insights from across Canada, and while Vancouver actually saw a bit of a dip, New Westminster saw a considerable spike.

The report calls New Westminster a mid-sized market, where it saw a 17.8% increase year-over-year in rent for purpose-built and condo apartments, bringing the average to $2,511.

To put that number into context, the average in Vancouver is $2,988, and Burnaby’s is $2,555.

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For the most part, New West has been known as a relatively affordable place to rent an apartment, but it seems like a trend that we’re seeing across Canada suggests no city is safe from the reality of rising rental rates.

Urbanization suggests a rental housing shortage is to blame.

“Unlike in the US, rent inflation in Canada has failed to cool down despite rental completions having reached their highest level in decades,” said Shaun Hildebrand, president of Urbanation, in a statement.

“This is illustrative of the severe rental housing shortage across the country and the magnitude of the impact on rental demand as the population expands by a record pace.”

To make matters worse for both renters and landlords, BC recently announced an increase to the rent cap for 2024. Landlords are facing increased taxes and other fees related to the upkeep of their homes, while renters in BC are dealing with the reality of living in the most expensive province in Canada when it comes to rental housing.

“They need help and it is in the government’s court to help them but not while harming landlords at the same time,” David Hutniak, LandlordBC CEO, told Daily Hive.