Rents in BC continue to rise and many people are wondering when they will see a light at the end of the tunnel in the next few years.
According to a report on Rentals.ca, asking prices for rental apartments across the country have increased 5.9 percent year-over-year to an average of $2,201, the lowest annual growth in the past three years.
The report found that rents increased in all areas, but not in all units. However, that doesn’t mean the affordability crisis is over.
Last month, rental prices for apartments in Canada rose by an average of 10.5 percent. There was an increase of 13.7 percent for studio apartments, 7.2 percent for one-bedroom apartments, 9.1 percent for two-bedroom apartments and 12.1 percent for three-bedroom apartments.
Housing Minister Ravi Kahlon says the government is aware that renters are tightening their budgets and continue to struggle with rising rents and rent affordability, which is why it is taking measures to combat the growing problem.
“We have taken numerous steps to better support renters, improve affordability and help with living costs,” he says. “This includes establishing the Rental Protection Fund, which will protect thousands of affordable housing units across the province with $500 million in capital grants.”
According to the report, Vancouver is the most expensive, with rents of just over $2,700 for a one-bedroom apartment, Burnaby is in second place at just over $2,500, and Victoria is in eighth place, where renters pay nearly $2,200 for a one-bedroom apartment.
According to Kahlon, there are many reasons for the steady increase in rents, but the province has taken measures with its provincial counterparts to ensure that rent increases remain low.
“In 2018, the government changed the maximum allowable annual rent increase from inflation plus two percent to just inflation,” he says. “Considering the increased cost of living due to high interest rates, governments have capped the annual allowable rent increase well below the inflation rate at two percent for 2023 and 3.5 percent for 2024.”
According to the Canada Mortgage and Housing Corporation, falling interest rates are expected to revive momentum in 2025/26, which could mean an improvement in the housing situation over the next two years.
