The rent in Vancouver is too high — so says multiple reports from online rental listing agencies.
Average monthly rent prices in Vancouver have been Canada’s highest for a while now, but a new report from rentals.ca found Vancouver renters paid even more in July than ever before. Prices for the average one-bedroom rose to $2,412 and the average two-bedroom is going for $3,597.
Other B.C. municipalities were ranked high, as well. Richmond saw the average one-bedroom listed for $2,144 for a one-bedroom and $2,703 for a two-bedroom; in Burnaby, a one-bedroom costs $2,049 and a two-bedroom is $2,717; in New Westminster, a one-bedroom is $1,868 and a two-bedroom is $2,192; and in Victoria, a one-bedroom is $1,803 and a two-bedroom is $2,823.
Zumper, another online rental listing site, listed slightly different numbers and included Kelowna as the seventh most expensive market in Canada with average rates on one-bedrooms at $1,650 and two-bedrooms going for $2,170.
Aside from Halifax, every municipality listed in rental.ca’s top 20 most expensive markets was in B.C. or Ontario. Data shows that rents in B.C. have jumped up by 25 per cent since last year.
Supply and demand are the biggest factors driving high prices in B.C. Other factors such as rising interest rates, workers returning to the office and students coming back for the fall semester do impact the housing market, analysts suggest.