Vancouver rents rise to remain highest in Canada
Two-bedroom rentals rose 7.7% in May from the previous month to $ 2,760 per month – and rents are now averaging $ 3.04 per square foot
Metro Vancouver retained questionable status as the highest-rent region in Canada after average rents for a one-bedroom apartment rose 2.4% in May from the previous month and rents for two bedrooms climbed 7.7%, the national record, to $ 2,760. per month.
Nationally, the average asking rent for all Canadian properties in May rose 2% month-over-month to $ 1,708, the first increase after six straight months of decline, according to National Rental Report from Bullpen Research and Consulting and Rental.ca.
“After a year of declining rental rates due to lockdowns related to COVID-19, the Canadian rental market is starting to recover. The average monthly rental rate saw its first month-over-month increase since October of last year, ”the report said.
Metro Vancouver’s vacancy rate in December 2020 was 2.3%, according to the Canada Mortgage and Housing Corporation, down from 1% a year earlier.
But the holidays could tighten, warns Bullpen.
“With the promise of the border opening to more immigration, international students and tourism, rental prices are expected to continue to rise. Fall 2021 could be a busy season for homeowners and tenants, ”said Ben Myers, president and CEO of Bullpen Research.
Vancouver continues to lead the list of 35 cities for the average monthly rent for a one-bedroom and two-bedroom house, according to research.
Year over year, the average monthly rent in Metro Vancouver fell 2% in May for a one-bedroom unit, but rose 8.2% for a two-bedroom unit.
Vancouver saw the largest month-over-month increase among major municipalities in condominium and apartment rentals with a 5.4% monthly increase in average rent of $ 2,315, also the highest in country, Myer noted.
“The average rent per square foot [in Metro Vancouver] is up 8.2 percent per year to $ 3.04, probably reflecting the greater number of small units on the market. Renters have flocked to larger apartments in locations further away from their workplaces during the pandemic, ”Bullpen found.
“Accelerating vaccine deployment and expected return to normal are pushing tenants to try to get in before rents rise, increasing demand for all types of products and rooms in May, especially in Vancouver and Toronto, ”Myers said.
The National Rent Report presents and analyzes monthly, quarterly and annual rental market rates and trends at the national, provincial and municipal levels for all listings on Rentals.ca for 35 cities across Canada.