CityMash.com - The most recent Canadian Rent Report has been released and, we must say, things are looking pretty grim for renters. We all know renting isn’t exactly the good life. You know, paying someone else’s mortgage, potentially getting stuck with terrible landlords, little to no control of your living environment, and the list goes on.
— Stephanie Hall (@stephiestylings) August 29, 2016
This being said, renting makes sense for a lot of people, especially if you’re saving to buy a home. For Vancouverites (and other people residing in cities with insanely expensive real estate), it takes a long time to save enough for a down payment, meaning people are remaining renters for long periods. We are terribly sorry to say, it looks like rent prices are on the up and up for Vancouver and eleven other Canadian cities.
Among Canadian cities, ten have falling rent prices, three remained the same, and twelve have rising prices. Naturally, Vancouver is part of that terrible twelve.
Rental prices in Vancouver have increased for both one and two bedroom units. One bedroom units increased 3.9% landing them at roughly $1870 monthly, and two bedroom units increased 4% putting them at roughly $3150. Let’s be frank, that is SO pricey! Toronto, Victoria, Montreal, and many other city’s renters are also feeling the burn. People in Vancouver are already renting out their living rooms and closets, what does this mean for the future?
— jax (@jaxsaid) November 18, 2010
I don’t know about you all, but we’re pretty worried about the renters of Vancouver!