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Report: Apartment Rental Prices Increasing By Less Than Inflation in Vancouver, B.C.
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(Posted on Nov 24, 2018 at 02:22AM by Michelle Bogle)
According to a recent report by rental website PadMapper, the average rental prices in Vancouver have increased by less than inflation over the past year. This is in advance of the new, more-stringent rent-hike caps, which have yet to come into effect.
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In the November 15th report, the median rent for a Vancouver listing on PadMapper was $2,110 for a one-bedroom – an increase of 1.4 percent year-over-year, and Canada’s second-highest after Toronto. For two-bedroom Vancouver apartments, the median advertised price of $3,160 is the highest in the country by a significant margin, but it is 1.3 percent lower compared to November of last year.
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The allowable annual rent hike that B.C. landlords can impose on sitting tenants has been two percent plus inflation, which in 2018 totalled 4 percent. As of 2019, this allowable increase will be reduced to inflation only, which equates to 2.5 percent. However, this does not include any increases to rents on units between tenancies, which can impact average rental price increases. Rental price increases between tenancies are currently at the discretion of the landlord and are not government controlled.
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As for other parts of B.C., PadMapper noted that Burnaby was the third most-expensive market in the country for both one-bedroom and two-bedroom rents, at $1,580 and $2,250 respectively. Unlike Vancouver, Burnaby's one-bedroom price was a 5.3 percent increase over November 2017.
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To view the report, please click here. To learn more about multi-family investment opportunities in B.C., please contact our Vancouver Marcus & Millichap office to speak with a commercial real estate advisor.
Rental Properties Win Big This Quarter in Vancouver, BC
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(Posted on Nov 11, 2018 at 04:35PM by Danielle Smyth)
According to a recent report, home sales have slowed in Canada. Though the 30-year mortgage rate has remained low, it has increased since 2011, reaching its highest level in those 7 years. As a result, much of the demand in the housing market has shifted towards apartments and rental units. Clearly, this is great news for commercial real estate investors who might be considering the purchase of such properties.Analysts from Marcus & Millichap report that the median price of an existing single-family home as of August 2018 is $267,300. They anticipate that there are 4.3 months of stock, assuming that things continue on pace as they have been. The monthly mortgage payment for a home is now $339 more than an average monthly rent, which could further encourage potential buyers to rent instead.
Furthermore, continued job growth is leading to the formation of more households. However, demand is concentrated in apartments. As a result, there are fewer and fewer multifamily units available. The report states that “Nationally, nearly 82,900 units were constructed in the third quarter, but the positive absorption of more than 107,000 units pushed down the third quarter apartment vacancy rate 40 basis points from the previous quarter to 4.2 percent, the lowest level since 2001.â€
If you’re interested in learning more about opportunities for investment throughout Canada, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
Vancouver Ranks as Canada’s Most Expensive Rental Market
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(Posted on Dec 23, 2016 at 07:10PM by Michelle Bogle)
While the average rent for a one-bedroom apartment in Vancouver dipped by 1.1% this month, the city still holds the highest rent for that home type across Canada.
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On average, Vancouver tenants pay $1,820 for an apartment with one-bedroom. This figure beats out Toronto ($1,500 for a one-bedroom), Victoria ($1,220), Montreal ($1,100) and Calgary ($1,080).
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According to Greg Vanderhorst from PadMapper, the reason for the drop isn’t entirely known. “It is unclear whether the falling one-bedroom prices are due to the recently passed legislation or merely seasonality that we frequently see in the rental market as we get into the winter months.â€Â
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On the other hand, two-bedroom apartments in Vancouver experienced a rent increase in December, which was up 3.7% to $3,030.
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To view the PadMapper Canadian Rent Report in its entirety, please click here. Or, to learn more about multi-family investment opportunities across the Lower Mainland, please contact our Vancouver office to speak with a commercial real estate broker.Â
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