Vancouver rental rates increased the highest in all of Canada In this episode of Own Your Life, we plan to cover the ridiculous increase in Vancouverβs rental rates and how it compares to the rest of Canada.
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If you recall, last year, everyone was freaking out, understandably, after rental rates went up 20-30%. According to rentals.ca, the average condo in Vancouver went up a whopping 24.3% in the last 12 months alone. The average 2-bedroom condo now sits at over $3,700. That is insane!
The average 1-bedroom condo now sits at almost $2,700. Any idea why there is such a skyrocket in pricing? Three factors come to mind:
#1 Lack of rental inventory
#2 Higher mortgage interest rates
#3 Record breaking immigration
A Canadian government immigration goal of around 465,000 to 500,000 for the next 3-5 years will likely cause rental rates to keep increasing. For those who donβt know, these are record breaking (immigration) numbers.
Letβs take a look at the top Canadian cities with the highest (rental ?) increases
#1 Vancouver at 24.3% (thatβs the City of Vancouver itself)
#2 Toronto is right behind at 23.7%
#3 Burnaby almost tied at 23.6%
Thatβs all for this episode, donβt forget to pick up a copy of my best-selling book on Amazon, Rockstar Real Estate Investing if you havenβt yet and we are here for your questions at any time.
Pick up my book here: https://amzn.to/3uX43SA
Also, let us know if you are interested in becoming a realtor and joining our team at eXp. We have one heck of a program for new and experienced agents.
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