VANCOUVER RATES FOR 1-BEDROOM RENTAL ARE 2ND HIGHEST IN CANADA, BURNABY RANKS 3RD
Even a mainstream media Bloomberg news has even reported that Vancouver was the second-least affordable city in the world.
Another report by PadMapper indicates, what we all probably already know now; that the city is just getting more and more expensive to live in.
The report, that came out this month, stated the average rent for a one-bed apartment in Vancouver for December 2018 increased by 1.4 per cent, month-to-month, which brought rent to $2,130.
That’s a 6.5 per cent increase from last year, making Vancouver the second highest median price for one-bedroom rents in Canada.
The website reported: “it seems Canada remains a hot market for rentals as we begin the new year and isn’t showing signs of slowing down.”
Vancouver wasn’t the only city making a jump, Burnaby followed right after, ranking third.
The City of Burnaby saw a huge jump of 9.8 per cent year over year bringing rent to $1,570 a month.
The price of rents in BC are climbing out of reach for many.
However, because PadMapper only uses its own listings to calculate average rents, the results can vary monthly.
The website stated in it’s report, “In terms of year-over-year changes, a majority of rents (17 out of 24 [Canadian cities surveyed]) saw double-digit growth rates between one and two bedroom prices.”
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