Rents fall across BC, but Vancouver remains Canada’s most expensive city
(Image courtesy of CBC)
Last week, Rentals.ca released its monthly report on Canadian rental trends, revealing that rental prices in British Columbia have declined compared to the same period last year.
Rents are on the decline but still high in Vancouver compared to other Canadian cities
According to the report, rents for Vancouver apartments and condos dropped by 7.4 percent compared to last year. One-bedroom units dropped by 6.1 percent while two-bedroom units dropped by 4.4 percent. Among major Canadian cities, Vancouver still has the highest rental prices for apartments and condos in Canada, ahead of Toronto, Ottawa, Montreal, Quebec City, Calgary, and Edmonton.
Information retrieved from Rentals.ca.
Despite the high numbers, Christine Boyle, Minister of Housing and Municipal Affairs, issued a positive statement on the report:
“This report continues to show that our work to increase rental homes and crack down on speculation is having an impact…[t]here is so much more [to] do to address housing costs for people, and I look forward to more groundbreakings and openings of affordable homes across our province.”
The majority of Vancouver residents to live in apartments in 2050
This report comes on the heels of a recent regional government report, quoted by the Vancouver Sun, that says that by 2051, 55 percent of residents are projected to live in multi-unit buildings, while only 14 percent are expected to reside in single-family homes. In 2024, 26 percent of residents lived in single-family homes, while 46 percent resided in apartments. It should be noted, however, that this government report relies on existing trends continuing and various assumptions about immigration, housing supply, and household sizes remaining accurate.
In the Lower Mainland, North Vancouver has the highest rents in the region, with an average of $3,011/month. This was followed by Vancouver, Coquitlam, and Burnaby.
Information retrieved from Rentals.ca.
While rents are coming down, the cost of living remains a challenge for a majority of Vancouverites and Canadians. A recent poll by Abacus stated that 66 percent of Canadians put the cost of living as one of their three main priorities. Forty-nine percent say the country is heading in the wrong direction.
