Canada CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Vancouver Home to Canada’s Highest Residential Rents
Vancouver landlords are earning the highest apartment rents in Canada, says a news Rentals.ca report.
Authored by Urbanation, the report shows that Vancouver’s asking rent averaged $3,215 per month in October, although that figure was down 3.7% from October. Annual rent growth declined to 4.4% from 7.7% in October.
The figures apply to Vancouver proper, excluding suburbs. But Canada’s three most expensive small-and-medium-sized cities are Vancouver suburbs. North Vancouver, B.C., led the country as its monthly asking rate averaged $3,360 in October, while Coquitlam, B.C., ($3,116) and Richmond ($3,051) placed second and third respectively.
Richmond posted the second-highest annual increase, 29.1%, trailing the small Montreal suburb of Côte Saint-Luc, Que., which saw a 36.6% yearly rise.
Vancouver posted the highest average monthly one-bedroom ($2,872) and and two-bedroom rents ($3,77) in the country, while the adjacent suburb of Burnaby was second at $2,647 and $3,341, respectively.
The findings come after the B.C. government introduced legislation that restricts short-term accommodation rentals to boost long-term supply and reduce rents.
- ◦Lease
- ◦Policy/Gov't