Vancouver’s rental prices are rebounding from their pandemic dip with a vengeance, increasing 30% from March 2021 to March 2022.
The data is from Rentals.ca’s latest National Rent Report, which found Vancouver not only had the highest average rental price in the whole country at $2,925 but also posted the greatest year-over-year increase.
“The average rental rates in Vancouver remained relatively constant throughout the pandemic before experiencing some significant increases in more recent months,” the report reads.
BC appears to be leading the way in the pandemic rent rebound, although rents in Toronto are also bouncing back with force. That city posted a 14% year-over-year rental price increase.
Studios and one-bedroom units in Vancouver are the most expensive in the country per square foot, with studios averaging $1,602 and one-bedrooms averaging $1,808 as of March 2022.
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So if you’re finding the housing search difficult recently, you’re not imagining it. Vancouver’s rental market is in a significantly different place than it was last year.
With files from Sarah Anderson