Rental Market Squeeze: Vancouver's Rising Prices and Shrinking Vacancy Rates Leave Tenants Struggling

According to a report by the Canada Mortgage and Housing Corporation (CMHC), the rental market in Vancouver, British Columbia is becoming increasingly challenging for tenants. The report states that rental prices in Vancouver have been increasing over the past year, with the average cost of a two-bedroom apartment reaching $1,930. The vacancy rate has also decreased to 1.1%, making it difficult for renters to find affordable and suitable housing. The report suggests that the pandemic has played a role in the increased demand for rental units, as more people are working remotely and seeking larger living spaces. The CMHC recommends that policymakers focus on increasing the supply of rental units to address the affordability crisis.

Original Article: https://bc.ctvnews.ca/vancouver-renters-face-increasingly-tough-market-cmhc-report-finds-1.6247967