Rentals: Updates during COVID-19 in Metro Vancouver

COVID-19 has impacted almost every industry including the rental market in British Columbia over the last year. Although the rental rates have dropped in last year, still Vancouver tops the list in the country when it comes to higher rental prices.  According to Rentals.ca, the average cost for a one-bedroom unit in Vancouver was $1,855 per month in December, which showed a decrease of 4.4 % from 2019; and the average cost of a two-bedroom unit averaged $2.635, which was a drop of 9 % in a year. Despite the fact, Vancouver has surpassed Toronto in terms of average monthly report for the first time in the last two years, as per the data from Rentals.ca.

According to the survey, the vacancy rate has gone up from 1.1 % to 2.6 %. The closure of borders resulted in very little immigration has also impacted. Specialists recommend a portion of the changes are because of countless youngsters and other people who work are losing their jobs during the COVID-19 pandemic. The BC Government has introduced Rental Assistance Program which provides eligible low-income, working families with cash assistance to help with their monthly rent payments.

Aditya Tawatia

Personal Real Estate Corporation*