The west coast city is recovering faster from a dip in rental prices
After the start of the COVID-19 pandemic, Canadians saw the price of rent significantly reduced. The dip in the residential rental market is a direct correlation to the closed borders between Canada and the United States. Furthermore, the inability of international travel into Canada during the pandemic is also a contributing factor.
With the limited influx of people travelling into Vancouver, and many people confined to their homes, renters were able to take advantage of low rental rates in what is usually one of Canada’s most desired housing markets. According to a new report issued by liv.rent, one of Canada’s leading platform for streamlining the rental process by connecting renters and landlords with the most efficient use of technology said, “
“Vancouver saw the lowest overall drop in rental prices from the start of the pandemic by an average of 1.9% for a one-bedroom rental. Meanwhile, in Montreal, it dropped to a rate of approximately 2.1%, whereas the City of Toronto saw a sharp decline of around 8.6%.
Toronto, Montreal and Vancouver are not only the most desired cities in Canada to call home, but they are also the destinations of choice for second homes and international investors. Out of the three major cities listed, Vancouver’s rental market saw the lowest dip in rental rates brought on by the pandemic, which may be the reason why it is rebounding at a faster rate.
This year, looking at the rental prices in the first fiscal quarter, the average rent for a one-bedroom in Vancouver dropped by 1.8%, in Toronto, the rate dropped by about 11.8%, whereas Montreal saw the largest decrease by approximately 15.8%.
Although Vancouver rental rates are stabling out, great deals can still be found if you knew where to look. For example, the average cost for furnished rentals in downtown Vancouver dropped by 24.1% when compared to that of quarter one of last year.
It’s clear by these numbers that Vancouver’s rental market was less affected by COVID-19 than some of Canada’s other major cities, and it has even surpassed Toronto as the most expensive city for rent. A full copy of the Liv.rent
the report can be download here.