Vancouver rental prices see slight cool down in November

Dec 13 2018, 9:20 pm

According to a recent report from Padmapper, Vancouver remains the second most expensive city in Canada for rent, but prices dipped in November.

Padmapper shows that one-bedroom rent prices decreased 0.5% to $2,100, and two bedrooms also dropped 0.3% to $3,150.

cost of rent

Cost of Rent December/ Padmapper

Burnaby stayed put as the third priciest city in Canada, but one bedrooms also saw a modest decrease, with prices falling 0.6% to $1,570. Two bedrooms saw a slight increase, growing 0.4% to $2,260.

Surprisingly, Abbotsford saw the largest monthly one-bedroom rental growth rate in the country in November.

One-bedroom prices grew 5.6%, bringing prices to $950, which is still moderately priced compared to Vancouver. Two bedroom prices also increased by 1.9% to $1,080.

An overall slowdown in Greater Vancouver’s real estate market was experienced in November.

According to the Real Estate Board of Greater Vancouver (REBGV), home sales in the region for the month of November 2018 saw a 42.5% decrease from the same period in 2017 and an 18.2% decrease compared to October 2018.

REBGV president Phil Moore says this is due to prospective home buyers “taking a wait-and-see approach for most of 2018.”

“This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year,” said Moore.

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