{"id":9187,"date":"2018-05-25T15:15:49","date_gmt":"2018-05-25T22:15:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9187"},"modified":"2018-05-23T08:51:42","modified_gmt":"2018-05-23T15:51:42","slug":"vancouver-reclaims-title-of-canadas-most-expensive-rental-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/vancouver-reclaims-title-of-canadas-most-expensive-rental-market\/","title":{"rendered":"Vancouver Reclaims Title of Canada&#8217;s Most Expensive Rental Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouverites spent an average of $2,100 in rent on a one-bedroom home in April, enough to make the city the priciest rental market in Canada.<\/p>\n<p style=\"text-align: justify;\">Vancouver reclaimed the title from Toronto, which landed in the top spot in March.<\/p>\n<p style=\"text-align: justify;\">A 4.5% increase in average rent in April over the previous month was enough for Vancouver to overtake Canada\u2019s largest city, according to PadMapper\u2019s Canadian Rent Report, published Tuesday.<\/p>\n<p style=\"text-align: justify;\">Toronto\u2019s median rent of $2,080 in April was up only 2% from the previous month.<\/p>\n<p style=\"text-align: justify;\">\u201cFor the last 24 months we\u2019ve seen an extremely robust rental market,\u201d Vancouver realtor Adil Dinani tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">On an annual basis, Vancouver rents have increased 8.2% compared to April 2017.<\/p>\n<p style=\"text-align: justify;\">Dinani attributes the steady increase in rental prices to tight supply and limited new inventory.<\/p>\n<p style=\"text-align: justify;\">\u201cWe haven\u2019t seen a completion in downtown Vancouver for quite some time for a new tower and it hasn\u2019t replenished the shortage of rental product. And so inventory stayed extremely tight on the rental side. It\u2019s putting upward pressure on rental prices,\u201d says Dinani.<\/p>\n<p style=\"text-align: justify;\">In addition, Dinani notes that some prospective homebuyers in the city are holding off on purchasing a home in light of new federal and provincial housing-related regulations and a higher interest rate environment.<\/p>\n<p style=\"text-align: justify;\">\u201cArguably, I would say with the new NDP housing policies, along with higher interest rates and the OSFI stress test, some folks are being pushed out of the market to buy and now they\u2019re pushed into the rental market,\u201d says Dinani.<\/p>\n<p style=\"text-align: justify;\">While one-bedroom room rents soared in Vancouver last month, two-bedroom rents remained flat from March 2018 at $3,200.<\/p>\n<p style=\"text-align: justify;\">Going forward, Dinani expects rents will level off for the rest of the year, as some supply comes into the market.<\/p>\n<p style=\"text-align: justify;\">\u201cRents have actually moved up alongside condo prices for the past 24 months, so I believe that they\u2019ll stay firm to slightly higher in the coming months. But I don\u2019t believe we\u2019re going to see the same exponential [price] increases as we have in the past 24 months,\u201d he says.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/05\/vancouver-canadas-expensive-rental-market.html\" target=\"_blank\" rel=\"noopener\">Vancouver Reclaims Title of Canada&#8217;s Most Expensive Rental Market<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouverites spent an average of $2,100 in rent on a one-bedroom home in April, enough to make the city the priciest rental market in Canada. Vancouver reclaimed the title from &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/vancouver-reclaims-title-of-canadas-most-expensive-rental-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-9187","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Reclaims Title of Canada&#039;s Most Expensive Rental Market &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/vancouver-reclaims-title-of-canadas-most-expensive-rental-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Reclaims Title of Canada&#039;s Most Expensive Rental Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouverites spent an average of $2,100 in rent on a one-bedroom home in April, enough to make the city the priciest rental market in Canada. Vancouver reclaimed the title from &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/05\\\/vancouver-reclaims-title-of-canadas-most-expensive-rental-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/05\\\/vancouver-reclaims-title-of-canadas-most-expensive-rental-market\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Vancouver Reclaims Title of Canada&#8217;s Most Expensive Rental Market\",\"datePublished\":\"2018-05-25T22:15:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/05\\\/vancouver-reclaims-title-of-canadas-most-expensive-rental-market\\\/\"},\"wordCount\":362,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/05\\\/vancouver-reclaims-title-of-canadas-most-expensive-rental-market\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/05\\\/vancouver-reclaims-title-of-canadas-most-expensive-rental-market\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/05\\\/vancouver-reclaims-title-of-canadas-most-expensive-rental-market\\\/\",\"name\":\"Vancouver Reclaims Title of Canada's Most Expensive Rental Market &#8226; 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