SubscribeRent Prices In Vancouver Are Expected To Increase Even More This Year & Here's Why
This might hurt the wallet!
Aerial view of the city of Vancouver.
If you thought Vancouver rental prices were already shockingly high, brace yourself because it's expected to get even pricer this year.
The Metro Vancouver area actually has the least affordable housing market in all of Canada, and a new report said that the price of rent is going to go up more soon — thanks to increasing demand for housing.
The 2022 Market Report, from Rentals.ca, added that there are record-high Canadian immigration levels expected for 2022, and Vancouver is going to get a lot more people. This is predicted to increase the demand for housing, leading to hefty prices.
The study added that there are over 400,000 people "projected to come to Canada in 2022," and that "a large portion of those numbers are expected in Metro Vancouver."
As more people move to Vancouver, there are just not enough rental units readily available for everyone, the report said. This is projected to cause the costs of rent to keep on increasing.
“There is still a severe supply shortage in the region with little supply that is imminent to launch in the market,” Brock Lawson, formerly the manager of rental data for British Columbia for Zonda Urban said.
He also said the amount of units being built in 2022, in Vancouver, “is not nearly enough to satisfy the demand in a healthy rental market.”
In addition to driving up rent prices, more people to the city could mean some new trends in rental developments. The study said that there will be more "co-living developments" popping up in Vancouver, plus more remote-work friendly amenities.