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 Â鶹´«Ã½Ó³»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, Â鶹´«Ã½Ó³»one-bedroom rentals have climbed 1% to $1,967, while two-bedroom rentals have climbed 3.7% to $3,058.
Photo: Rentals.ca In the chart below, Rentals.ca looked at the average rent for all property types in Â鶹´«Ã½Ó³»from October 2018 to November 2019. In addition, it includes the Rentals.ca and Bullpen Consulting forecast for 2020.
The graph shows that the average rental rate for November 2019 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% annually. As such, the overall average rent for 2019 in Â鶹´«Ã½Ó³»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 3% annual increase (3.1% from November 2019). This forecast is a moderation from the 7% annual growth forecasted by Rentals.ca and Bullpen last year."
The report adds that new rental apartment completions are expected to rise in Â鶹´«Ã½Ó³»in 2020. And, coupled with relatively flat resale market conditions, this should result in less rent inflation.
Photo: Rentals.ca
Read the full report .
