June 28th, 2012
What Did the CMHC Report Say?
The Canada Mortgage and Housing Corporation stated in a media release Vancouver is continuing with the trend of not only low vacancy rates but also increasing rental costs to tenants.
What Is Happening in 2012?
In 2012, the CMHC report shows vacancy rates dropped by two-tenths of a percentage point in Vancouver —to a low 2.6 percent from 2.8 percent in 2011.
How Do Vancouver Rental Prices Compare with Other Cities in Canada?
Well, if you are looking Canada-wide and looking for a great deal on rent you can move to Trois-Rivières, where a two-bedroom goes for $543, or move to Saguenay at $553. Hey, you can consider the lovely Eastern Townships in Sherbrook, Quebec at only $581 per month.
No Thanks, I Like the Vibrant Economy and Culture of BC
We don’t blame you. There are lots of reasons why rent is cheap in Quebec.
And in Vancouver?
Overall, average rents went up in Vancouver. Studio apartments increased from $839 to around $855.
One bedroom units increased from $934 to nearly $965.
Two-bedrooms increased from $1,288 to nearly $1,219.
Three bedrooms had a minimal rise in rent. Only a looney, $1406 to $1407.
Where Does Put Vancouver in Terms of Rental Prices?
Vancouver is the most expensive city to rent a two- bedroom apartment in Canada.
While some might see this as a negative, we see it as a true positive. People want to be here, people want to invest here, people want to work here, people want to buy here.
What Does It Mean in the Big Picture?
It means a lot of renters won’t be able to afford to rent in Vancouver. Of course, a lot of investors can’t afford to invest in Vancouver either. The CMCH report didn’t go into depth on that topic.
We think high rents mean a wealthy and dynamic city!