Rent prices in Vancouver are set to rise even more this year and here’s why

If you thought rental prices in Vancouver were already outrageously high, brace yourself because they are expected to rise again this year.

Metro Vancouver actually has the least affordable housing market in all of Canada, and a new report says rent prices will go up sooner – thanks to growing demand for housing.

The 2022 Market Report, from Rentals.ca, added that there are record Canadian immigration levels expected for 2022, and Vancouver will attract many more people. This should increase the demand for housing, leading to high prices.

The study added that there are more than 400,000 people “expected to come to Canada in 2022” and that “a large portion of these numbers are expected in Metro Vancouver.”

As more and more people move to Vancouver, there simply isn’t enough rental housing available for everyone, according to the report. This should lead to a continued increase in rental costs.

“There is still a severe shortage of supply in the region with little supply looming in the market,” said Brock Lawson, former B.C. rental data manager for Zonda Urban.

He also said the number of units built in 2022 in Vancouver “is not enough to meet demand in a healthy rental market.”

As well as driving up rental prices, the increase in the number of people in the city could mean new trends in rental developments. The study indicates that there will be more “co-living developments” in Vancouver, as well as more facilities suitable for remote working.

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