It’s been said time and time again, Vancouver is an expensive place to live.
Bloomberg news even reported Vancouver was the second-least affordable city in the world.
Another report by PadMapper indicates, what we all probably already know, the city is just getting more and more expensive to live in.
Vancouver Rates
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, bringing rent to $2,130.
That’s a 6.5 per cent increase year-to-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 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.”
Anyone surprised?
