Rents to continue climbing as Vancouver tops Canada for priciest two-bedroom rentals
Posted December 13, 2019 11:01 am.
Last Updated December 13, 2019 11:12 am.
VANCOUVER (NEWS 1130) – Rents in Vancouver have hit an unwanted milestone.
A new report finds a two-bedroom apartment in the city now tops an average $3,000 a month. This comes after a 6.5 per cent increase in rates through 2019.
The National Rent Report from Rentals.com and Bullpen Research & Consulting predicts things will slow down slightly in 2020, with a forecast three per cent rate increase.
Toronto tops the list nationally when it comes to one-bedroom rentals, with units costing a little more than $2,300 a month.
“In November of 2018, the average rental rate was $2,353 for all property types listed on Rentals.ca,” the report reads for one-bedrooms in Vancouver. “That rate increased to $2,507 for November 2019, an increase of 6.5% annually. Overall in 2019, the average rent in Vancouver was $2,351 per month (through 11 months).”
Researchers say the completion of new rental apartments is supposed to rise next year in the city. That coupled with “relatively flat resale market conditions,” is expected to result in less inflation, the report notes.
While the 2020 forecast puts Vancouver in line with the national average, Toronto is expected to see a seven per cent increase in rents. Montreal is forecast to see a five per cent hike, while Ottawa is expected to see a bump of four per cent.
It’s good news for Calgary and Edmonton, where the report predicts rents will dip by one per cent in 2020.
