While Vancouver rents increased in 2019, a new report predicts that they will continue to climb in the new year.
Rentals.ca has released the average rent for Canadian properties in November 2019, and it found that Vancouver had the fourth most-expensive market. Toronto was ranked the most expensive, followed by Etobicoke, Ontario. Richmond Hill in Ontario placed third.
According to the November data, Vancouver one-bedroom rentals have climbed one per cent to $1,967, while two-bedroom rentals have climbed 3.7 per cent to $3,058.
In the chart at the bottom of the article, Rentals.ca looked at the average rent for all property types in Vancouver from October 2018 to November 2019. In addition, it includes the Rentals.ca and Bullpen Consulting forecast for 2020.
The graph below shows that the average rental rate for November 2018 was $2,353 for all property types listed on Rentals.ca. That rate increased to $2,507 for November 2019, with an increase of 6.5 per cent annually. As such, the overall average rent for 2019 in Vancouver was $2,351 per month (through 11 months).
In 2020, the forecast calls for average rent of $2,423, "with December 2020 rent at $2,585 per month, a three per cent annual increase (3.1 per cent from November 2019). This forecast is a moderation from the seven per cent annual growth forecasted by Rentals.ca and Bullpen last year."
The report adds that new rental apartment completions are expected to rise in Vancouver in 2020. Coupled with relatively flat resale market conditions, this should result in less rent inflation.
Read the full report here.