Monday, September 29, 2014

Vancouver rental prices becoming more and more unaffordable

A Colliers International (Commercial Real Estate Broker) report released recently on valuations of multi-family properties across the country states: “Vancouver has tended to demonstrate the highest rental rates in most, if not all, unit categories of multi-family housing.”
This is doubtless attributable to the fact apartment buildings, on a per-suite basis, are more expensive in Vancouver than anywhere else in Canada.
Reports Colliers: “The highest price per door in Canada can be found in Vancouver with prices increased just under nine-per-cent  compared to  last year’s figure.”
Vancouver also has one of the tightest rental markets in Canada, with a vacancy rate of just 1.8 per cent.
For anyone hoping for some relief, Colliers warns: “The Metro Vancouver multi-family investment market will remain one of strong demand and very limited supply.”
B.C. rent controls permit annual increases totalling the inflation rate, plus two per cent, 3.8 per cent in 2013, 4.3 per cent in 2012.
 Now laneway houses renting for more than $2,000 a month, a basement suite renting for $2,100 a month, and one 500-square-foot apartment, “described as spacious,” renting for $1,500 a month.