Vancouver keeps crown as Canadian metropolis with highest rents and lowest vacancies

Posted In: News Date:Jan 17th, 2020

When it comes to rental housing, Vancouver is still number one — at least when it comes to prices.

The Canada Mortgage and Housing Corporation annual rental report was issued Wednesday morning, showing the region continues to have the highest rents and lowest vacancies of any Canadian metropolis with at least 500,000 people.

The vacancy rate for apartments intended for rental in Metro Vancouver rose from 1.0 per cent to 1.1 in 2019, while the average rent for two-bedroom units increased from $1,649 to $1,748 — a six per cent increase from the previous year.

That's even with more supply. The number of condominium apartments in long-term rental increased by an additional 11,118 units — an 18.9 per cent across the region — which a CMHC spokesperson attributed to investor-owners increasing their involvement in the long-term rental market.