Here is how much you'll pay for a one-bedroom apartment in Metro Vancouver this October

The city continues to see some of the most expensive rent in Canada.

Vancouver apartment prices have levelled off in October following a sharp increase in cost, according to a new report. 

Liv.rent, a rental platform based in Vancouver, creates monthly rent reports for the region and finds that most areas of Metro Vancouver haven't seen an increase in prices.

Overall, the average rent for an unfurnished apartment in October in the Metro Vancouver region is $1,800, according to the latest report

 
 
 
 
 
 

Surrey and Coquitlam offer the most affordable places to rent in October, however. In contrast, West Vancouver saw a spike in rent for unfurnished one-bedrooms, with an increase of 14.53 per cent from September to October. 

Interestingly, Metro Vancouver has been seeing lower prices for furnished apartments in comparison to unfurnished ones in areas such as Burnaby, Surrey, Richmond, West Vancouver, Coquitlam and New Westminster. 

The report authors say this trend has "been happening for several months now in Toronto" and that a similar one could start occurring in Vancouver, where furnished units are cheaper than unfurnished.

Report authors also note that rent has "cooled off slightly" in Downtown Vancouver after rising last month. This trend was observed for both furnished and unfurnished units.

Data gathered on renters’ income-to-rent ratio quarterly shows that Vancouver renters who use liv.rent pay, on average, 35.25 per cent of their income toward rent.

"While traditional financial advice would be to spend no more than 30 [per cent] of your income on rent, this advice is perhaps not well suited to the realities of renting in cities like Vancouver," reads the report.

In October, the most affordable places for square footage are Surrey and Coquitlam while the most expensive is Downtown Vancouver.

Overall, rent per square foot in Metro Vancouver is $2.57 while in Toronto it’s $2.20.




Comments 0
 

COMMUNITY POLL

Participate in our next community poll.
Do you think you'll buy a home one day?view related story
 

 RESULTS > ARCHIVES >

TRENDING

11402
Canucks practice lines give a potential preview of their opening night lineup
9303
This awe-inspiring B.C. hotel was ranked #1 in Canada 
7245
Arrest made in Vancouver hit and run caught on video (VIDEO) 
6958
Here are the cheapest neighbourhoods to rent In Metro Vancouver (MAP)
5499
Canucks Camp Cuts: Sleeping with the Viches — Gadjovich and Klimovich sent to Abbotsford 
 
 
 
Read full post
Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.