Demand for higher-end properties is steadily increasing, new survey says
Vancouver housing affordability continues to deteriorate as the market’s annual average rents shot up by more than 23% in April, according to a new poll by Rentals.ca and Bullpen Research & Consulting.
Once again claiming the title of “most expensive city in Canada to rent a home,” Vancouver saw its average monthly rent for one-bedroom homes reach $2,334 (up by 2.4% monthly and by 18.1% annually).
Two-bedroom monthly rents in the city saw even greater increases of 6.5% monthly and 23.7% annually to reach $3,324 in April. Average rents for condominium rentals and apartments grew by 25% year over year to $2,748.
British Columbia, together with Saskatchewan and Alberta, posted the largest monthly increases in average rents, which Rentals.ca said was an indicator of stronger rental demand in western Canada compared to the rest of the country.
Read more: The middle class is now locked out of 69% of housing markets
“Average rental rates for single-family homes, townhouses and condominium apartments have experienced strong month-over-month growth as demand increases for higher-end properties. Big city rents are surging with Vancouver and Toronto leading the way,” said Ben Myers, president of Bullpen Research & Consulting.
The steady economic reopening since mid-2021 is expected to continue impelling these trends, Myers added.
“A return to the office, high gas prices, and rising interest rates are all fuelling demand for centrally located rental offerings,” Myers said.
