commercial real estate blog vancouver bc, commercial real estate vancouver bc
General Commercial Real Estate Topics

View All Blog Posts

Bookmark and Share
multi-family commercial real estate investment vancouver bcAccording 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.
 
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.
 
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.
 
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.
 
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.
Error getting status updates from Twitter.
Powered by Webstager