Vancouver's rising rent prices aren't a new conversation. Costs have been climbing for over a decade and just last year, rent prices in Vancouver saw the biggest jump since 2004, with landlords being allowed to hike their rent by nearly 4.5%. A new forecast from Rentals.ca shows how much prices will continue to increase in 2020.
According to the report, there was a 6.5% increase in average rent prices from November 2018 to November 2019 in Vancouver.
This November, the average was a whopping $2,507. Overall in 2019, the average rent cost in Vancouver was $2,351 per month.
Rentals.ca predicts that in 2020, that number will rise by 3% to $2,423, across all property types. In December 2020, rent will cost $2,585 per month on average in Vancouver, says the report.
Part of the reason for this hike is a 2.6% maximum allowable rent increase in 2020 by the B.C. government. However, this increase is actually less than what it could've been had B.C. not enforced a new cap two years ago.
Thanks to the new cap on maximum rent increases, "people will no longer face the unreasonable rent hikes that were allowed for years," Municipal Affairs and Housing Minister Selina Robinson said to CBC News when it was announced.
However, there are still many people who think the 2020 rent hike should be scrapped altogether. A petition for this exact cause was started by Affordable B.C. and has over 6,600 signatures.
The petition, called "Cancel The 2020 Rent Hike" calls on Premier John Horgan to give Vancouverites a chance to "catch up with rent costs."
Affordable B.C. says that cancelling the rent hike is "desperately needed and will help people struggling with the cost of housing to stay in their home."
The petition also points out that in 2016, renters in Vancouver were only paying around $1,200 a month on average.
According to Rentals.ca's national rent rankings for December 2019, the average one-bedroom in Vancouver costs $1,967 per month. This makes it the fourth most expensive city to rent a single bedroom in Canada, behind Toronto, Etobicoke and Richmond Hill.
Two-bedroom rentals in Vancouver have gone up significantly in price compared to last month, the report points out. In December 2019, two-bed rentals cost $3,058 per month, the most expensive in all of Canada.