Vancouver rent prices expected to jump another 6% in 2022
Vancouver, Canada’s most expensive city to rent in, will get even more pricey in 2022 a new report reveals.
Rentals.ca and Bullpen Research & Consulting released their December 2021 Rent Report this week, which included a few predictions of what’s to come next year. While Vancouver isn’t seeing the biggest increase among Canadian cities, rent prices are still forecast to jump 6% to a new average of $2,635 in 2022.
As of November 2021, the average rent price in Vancouver sat at $2,492 — slightly higher than the $2,301 per month average in November last year.
That figure is actually a decrease from the average rent in November of 2019, which was $2,507.
The report states that after a decline during the pandemic, average rates recovered throughout the summer of 2021, before declining slightly near the end of the year.
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The anticipated increase in 2022 Vancouver rent prices sits below Toronto’s 11% hike, but still still comes in above Montreal’s 5%, and Calgary’s 3%. The GTA city of Mississauga is expected to have the second-highest increase next year, with rent prices forecasted to go up 7% to an average of $2,265.
“Toward the end of 2021, the average rents across Canada have nearly recovered to the same levels seen at the start of 2020, and we expect they will continue to rise above 2019-peak levels in 2022,” the report says.
Vancouver is the only city in British Columbia to crack the top 10 most expensive in December.
With files from Laura Hanrahan