Well as it turns out not only are Vancouver property prices beyond anything found in the rest of Canada, but so too are Vancouver rents. According to the most recent data, the average rent for a rental unit in Vancouver is $1,181.00.
This rental average is the highest in Canada beating out Toronto’s $1, 124.00 and Ottawa-Gatineau’s $1,056.00. Following these cities, rents in Calgary were found to be on average $1,040.00; Edmonton, $1029.00; and Victoria coming in at $1,024.00.
Of course Vancouver being at the leading edge when it comes to priciest homes is no surprise. Although the most expensive place to live in Canada in terms of its real estate, Vancouver nevertheless continues to boast booming real estate market conditions, even while other places might be leveling off.
According to experts, the reason for the continued high costs of rent in the city is in part a result of the continued high demand coupled with insufficient supply. Vacancy rates fell from 2.9 percent in April of last year to only 2.5 percent in the same month of this year.
The national housing agency and Canada Mortgage Corporation concluded therefore that it is simply more difficult to find rental vacancies. As such, this trend has driven prices upwards. Immigration has further increased the pace of lowered vacancy rates in the city.
With rental apartment construction and completion remaining stable alongside this increased demand (and condominium completion actually decreasing), vacancy rates are at a very low edge. What this means for Vancouverites searching for suitable rental accommodations is that there are more of them fighting over a smaller pool of housing.
The cost of rental accommodations in Canada as a whole averages about $864.00 a month for a two-bedroom apartment, up from April of last year which was set at $848.00. The over one thousand dollars a month average in the above named cities is thus offset by the very low rents found in other places in the country. In Quebec regions, including Saguenay, Trois-Riviere and Sherbrooke, prices for monthly rent averaged in at $542.00, $546.00 and $577.00 respectively. These areas had the lowest rents in the country.
The lowest vacancy rates were found in Winnipeg, Regina, Quebec city, Toronto and Kingston, with vacancy rates ranging from .07 in Winnipeg and Regina to 1.6 and 1.7 percent in Toronto and Kingston.
Overall rents are on the rise across Canada; however, Vancouver again comes in first for the most expensive real estate and housing costs in the country.