Rental prices dip this December across Metro Vancouver

If you signed a lease in December, consider yourself lucky. That’s because, for the first time since July, Vancouver saw the average cost of rent dip – just slightly.

At the start of COVID-19 pandemic, the average cost of rent in Vancouver dipped. Since then, it’s not just rebounded but gone well beyond pre-COVID-19 prices.

Now, the average cost of an unfurnished, one-bedroom unit for rent in Metro Vancouver is $2,227 per month, according to liv.rent.

Average rental prices in Metro Vancouver – last six months

The December dip is likely due to a few factors. Rental expert Paula Azevedo told Daily Hive that rental prices “seem to be stabilizing and coming to a healthier average after multiple months of an ongoing upward trajectory.”

“With colder weather starting in November, renters seem to be avoiding big moves, which brings the demand to a lower rate while supply remains the same,” said Azevedo.

“There were also a higher number of homeowners shifting short-term stays to long-term due to the lack of visitors, thus, affecting the averages.”

Cost of rent in Metro Vancouver municipalities

Even though across the board, Metro Vancouver rent went down, there were two regions where it went up slightly, in Vancouver (+0.71%) and in Langley (+2.36%.)

Vancouver continues to be Canada’s most expensive city for renters, with North Vancouver a close second.

Does this December dip in rent prices make you more hopeful?

Source: dailyhive.com