Living in Vancouver is incredibly expensive, the latest numbers from Rentals.ca show there has been a year-over-year 14.7 per cent increase in prices. It says a one-bedroom suite in the city is going for $2,787 a month and a two-bedroom is going for $3,741 a month. Vancouver is the most expensive city for renters in all of Canada, according to these numbers.
“Going forward, the annual rate of rent growth should remain elevated due to record high population growth and low home ownership affordability but should also moderate as rents are compared to fully recovered levels a year ago,” says the online report for May.
It says compared to the lowest rents, which were recorded in April 2021, rents have since increased the most in B.C. and Ontario, at 28 per cent and 29 per cent, respectively.
“Annual rent inflation in April was strongest in Ontario, where average asking rents for purpose-built and condominium apartments increased 16.7 per cent to $2,421. Alberta followed close behind with annual growth of 14.8 per cent that pushed average rents up to $1,500 – a $921 discount compared to Ontario and a $968 discount compared to British Columbia ($2,468). Annual rent growth was slowest in British Columbia at 5.6 per cent.”
