Affordability expected to get worse for renters in Vancouver this summer

Brace yourself, Vancouver renters, things aren’t going to be any easier this summer.

While rental rates saw a slight decline in Metro Vancouver in June, that wasn’t the case for Vancouver itself.

According to the latest insights from the liv.rent rental report for July, renters in Vancouver will continue to have a difficult time trying to find a place to rent over the coming months.

You might also like:
• BC needs 570,000 more new homes than expected by 2030 for affordability
• Pandemic-driven suburban housing market at risk if demand collapses: Bank of Canada
• Opinion: Vancouver needs a housing champion

In Vancouver, one-bedroom units increased by around 7.7% this July. When it comes to why rent actually fell slightly in the Metro Vancouver region, liv.rent attributes it to more basement units and laneway houses becoming available. The Metro Vancouver average dropped by $27 hitting $2,029 per month. This comes after an increase of $40 in June.

“This is strictly due to inventory complexity since new units are still being priced on the higher side,” states liv.rent.

The average rent in #MetroVan has increased by $40 this month. 🤯

Here’s why: https://t.co/e82Uw6AeeM#VancouverRent #RentalMarket #CanadaRent pic.twitter.com/7DPmvSEmLJ

— liv.rent (@liv_rent) June 14, 2022

One surprise from the report is that Vancouver isn’t the most expensive location to rent in Canada in July. Instead, that dubious honour goes to North Vancouver, with an average rent of $2,509 per month for an unfurnished one-bedroom unit.

The spike in North Vancouver has been attributed to rental buildings near Park Royal that have pushed rates up.

Things aren’t going to shape up any better over the next two to three months. Liv.rent suggests that there will be a continual increase in Vancouver’s rental market and students and newcomers will have a hard time finding a place to live.

The one silver lining in the report has to do with the Fraser Valley. As more people make their way to city centres to make their return to offices, there will be a decrease in interest in units in the Fraser Valley, which could signal hope for a decline in rental rates in that region.