Vancouver rents down year over year, but still highest in Canada

The latest report from Rentals.ca says the rate of growth for Canada’s sky-high rents may finally be slowing down, but with little effect on Vancouver.

Despite the overall slowdown, rents are still pretty high in Vancouver, with an average of $2,700 for a one-bedroom — the highest in the country.

Giacamo Ladas with Rentals.ca says it’s because demand to live in Vancouver remains high.

“We’ve been so undersupplied with purpose-built rentals that even though we are seeing completions reach a new high, it’s not enough. It’s not close. So, because of that, we’re going to still be in the midst of kind of what we’re seeing right now,” said Ladas.

In Vancouver, the average rent for a studio unit is $2,300, $2,700 for a one-bedroom, and $3,700 for a two-bedroom, all of which are down 11 per cent since last year.

‘Vacancy rates right now, especially in Vancouver, are extremely low. But it’s going to take a lot more than just that to restore affordability,” Ladas said.

He says Vancouver has seen rents drop for the last 10 months, adding that trend is likely due to the fact that once people find a place, they stay.

When asked if the outcome of the Oct. 19 provincial election would impact things, Ladas says no. Or at least, not for a while.

The next highest average rent for a one-bedroom unit in the country is $2,418 in Toronto.

—With files from Cole Schisler