Vancouver Has Highest Rents in Canada

Vancouver home ownership continues to be further out of reach

Vancouver continues to be the city where average rents are the highest in the country.

Canadian Housing and Mortgage Corporation comes out with an annual report that includes important data on rental figures that were just released today. CHMC says the average rent in Vancouver for a two-bedroom place is C$2,181 per month, Toronto is second with C$1,961, and Victoria close behind at C$1,839.

Montreal is a bargain at C$1,096, cheaper than St John's at C$1,198.

The city leads in the highest rents in Canada

This average is for all rental units, including those who have had the same tenant for years.

When it comes to new two-bedroom rental units, Vancouver is still on top at C$2,601, followed by Toronto at C$2,405, and Victoria at C$2,351. Kelowna is in fourth place at C$2,073.

Looking at the vacancy rate, Vancouver is the lowest in the country at 0.9 percent, and Halifax in second place at 1 percent, and Kelowna at 1.3 percent.

Why is this happening?

Because of high interest rates and inflation, home ownership is even further out of reach of people who want to buy and so they continue renting. They also want to avoid moving to another rental because that may mean higher rents. Another reason is high population growth last year which kept demand high and supply low.

While Vancouver is such a beautiful city, trying to afford to live here is a terrifying reality...