Metro Vancouver apartment prices have remained flat, with a few significant deviations, according to a new report.
Liv.rent, a rental platform based in Vancouver, creates monthly rental reports for the region and finds that most areas of Metro Vancouver have not experienced a significant increase in prices.
After a marked jump in the price between August and September, the report authors note that prices have gradually started to rise over the last few months. “Tenants should expect a similar trend through the rest of 2021.”
Rental rates across the Metro Vancouver from October 2021 to November 2021 saw “some significant fluctuations”, especially in areas outside the city center. Furnished rentals experienced the majority of price changes this month, while unfurnished units were relatively stable.
“The average price of furnished units in Coquitlam saw a steep decline of -21.56%, while unfurnished units in the same city hardly moved (-0.40%). South Vancouver (+ 12.87%) and Richmond (+14, 69) both experienced significant gains, “explains Liv.rent.
Downtown Vancouver rentals have largely stayed at its current levels, with furnished units adding 5.09 percent, while furnished units fell -5.8 percent.
Across the country, however, Vancouver is still the most expensive place to rent an apartment in November, with unfurnished one-bedroom apartments averaging as much as $ 1,791 and furnished costing $ 2,000.
Toronto is the second most expensive, with unfurnished one-bedroom costing $ 1,735. Victoria came in third with a one-bedroom at an average price of $ 1,650. Ottawa was the fourth highest market, with a one-bedroom price at $ 1,600.
By municipality, Downtown Vancouver had the highest average rental rates, followed by Kitsilano and Fairview. Mount Pleasant finished fourth, with Renfrew rounding out the top five.