Brent Granby: Affordability still an issue in Vancouver, according to CMHC rental-housing report
It’s not surprising that there was little media coverage of the Canada Mortgage and Housing Corporation's spring rental report, given that it contained pages of tables and no concise summary of the results.
It's pretty dry reading and lots of page scrolling to find relevant information for Vancouver.
However, in a media release by CMHC announcing the report, the following summary states:
“An overall improving job market over the last year, in conjunction with new migrants coming to Canada’s major centres, are factors that are supporting rental demand in Canada,” said Mathieu Laberge, Deputy Chief Economist at CMHC's Market Analysis Centre. “Immigrants, as well as young workers, usually tend to rent first and then move to homeownership.”
The report indicates that Vancouver is continuing with the trend of low vacancy rates and increasing rental costs to tenants. In 2012, vacancy rates drop two-tenths of a percentage point —to 2.6 percent from 2.8 percent—compared with 2011.
Average rents went up as well, with studio apartments increasing from $839 to $855, one-bedrooms increasing from $934 to $965, two-bedrooms increasing from from $1,288 to $1,219, and three bedrooms having a minimal rise in rent of a buck from $1406 to $1407.
Vancouver has the ignoble distinction of being the most expensive city to rent a two- bedroom apartment in Canada.
If you are looking for a deal on rent try Trois-Rivières, where a two-bedroom goes for $543, or Saguenay at $553. Or consider the lovely Eastern Townships in Sherbrook at $581.
Brent Granby is a former COPE candidate for park board. This commentary originally appeared on his blog.
Comments
3 Comments
Snobcouver Resident
Jun 24, 2012 at 11:43am
We have to make choices in Vancouver. In order to have a "home" ...to say, an environment to live "life" in a comfortable way; we have to give up things. Including having another kid. We see the ignorance here... for example, we're regularly (mis)judged by what we drive. Treated differently if we arrive in our shiny classic car rather than our 90's MPV. It's a city for the rich, and I'm thinking that's the City of Vancouver's intent. Not classy at all, Vancouver.
W. End
Jun 24, 2012 at 8:28pm
Unfortunately Vision Vancouver's STIR (Short Term Incentives for Rental) program doesn't seem to be doing much to address this issue. The first STIR project at 1142 Granville Street is now renting starting at $1195 per month for a 320 sq. ft. studio. At the time of rezoning, the developer and the Planning Dept. told Council that the units would cost an average of $960 per month. The developer received a density bonus and a waiver of municipal fees, but the resulting building does nothing to assist with rental challenges.
JamieLee
Jun 25, 2012 at 9:23am
I see that Mr Granby is continuing the trend of being hesitant to form an opinion and share it. This is not commentary at all. Mr Granby does what he does well which is to take someone's report and present it as his own commentary. Do we really want politicians who are afraid to express an opinion out of fear of who they may offend?