One Metro Vancouver city remains a rental hotspot, and a recent report suggests it’s because of new housing developments.
We called Coquitlam a rental hotspot for Metro Vancouver back in March, and according to liv.rent’s latest rental report, it remains so.
Prices for two-bedroom units are down across Metro Vancouver — but not in Coquitlam.
Liv.rent says that “new condo completions” are driving the recent price increases.
Prices for one-bedroom unfurnished units are down year-over-year for the third consecutive month. Compared to last year, prices this September are $68 cheaper than the same time last year.
“This trend reflects the anticipated fall in rent prices after the Bank of Canada announced lowering interest rates with another decrease in overnight rates expected soon,” liv.rent’s report states.
Langley was another city that saw some interesting shifts in prices.
The price of one-bedroom furnished units in Langley declined 7.59% month over month. On liv.rent’s platform, Langley is now ranked as the second-most expensive area in Metro Vancouver by square foot.
According to liv.rent’s report, West Vancouver is the most expensive city in Canada. The average rent for a one-bedroom unfurnished unit is $2,765 per month. North Vancouver follows at a rate of $2,665 per month, and Vancouver at $2,530 per month.
liv.rent
You can check out the latest report here.
Liv.rent is also currently running a contest until the end of the month, including five $1,000 cash prizes. Click here for more information.