Surprising no one, a new report reveals that rental prices rose way faster in Vancouver than any other Canadian city in the last year.
According to the March 2022 National Rent Report by Rentals.ca and Bullpen Research & Consulting, rent went up by 23% in Vancouver between 2021 and 2022.
Even though rent dipped last year, dropping 6%, asking rents have since roared back to life with a vengeance.
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“Vancouver has experienced the highest year-over-year change in average monthly rental rate for condo and rental apartments, increasing annually by 23% to $2,661 per month in February 2022,” reads the report.
Not only did rents rise the fastest in Vancouver, but the city also has the highest rental rates in the country, making it significantly less affordable than Toronto, Ottawa, or Montreal.
In March, an average one-bedroom is $2,239 per month in rent.
“Growth in average rents for one-bedroom units lags other bedroom types, with two-, three- and four-bedroom units exceeding February 2020 pre-COVID-19 rent levels last month,” said Ben Myers, president of Bullpen Research & Consulting in a press release.
“British Columbia, specifically Vancouver, and downtown Toronto are leading the market recovery, pushing rents up nationally.”
So not only is Vancouver at the top, but it’s officially bringing the other cities with it. You’re welcome?
You can check out the full report to learn more about the breakdown of changing rents across Canada.