This caused rents to go up by an average of 8% for purpose-built rentals and 6% for rental condos.
Latest Metro Vancouver Data Confirms Ongoing Rental Shortages: A recent news statement says that Metro Vancouver’s updated Housing Data Book shows important problems in the local housing market, such as low renting vacancies and rising rents. The resource is a collection of a lot of regional and local housing data that is available for free to policymakers, academics, the media, and the public.
The number of empty rental units in 2022 stayed well below the healthy 3% mark. This caused rents to go up by an average of 8% for purpose-built rentals and 6% for rental condos.
There aren’t many family-sized rental units available, even though the number of rental houses and purpose-built rentals has gone up a little.
The rate of building homes in the region, mostly condos and flats with multiple units, is not keeping up with demand. It’s possible that the number of non-market housing units went up by 1% between 2022 and 2023, adding 46,512 units, or 4% of all the homes in the area.
Ottawa Apartment Rentals: November 2023 Pricing Revealed – What You Need to Know
Also, the number of homes on the BC Housing social housing waitlist has grown by 27%, reaching 18,865. Families and adults are the ones who need housing the most. The Housing Data Book has been around since 2009 and is updated on a regular basis. It collects information from many places, such as Statistics Canada, the Canada Mortgage and Housing Corporation, and area real estate groups.
George Harvie, chair of the Metro Vancouver board, says that the book is important because it helps people make decisions and create policies that will help fix the problems in the housing market and make it more diverse and reasonable.
A new federal law ends unlimited Grad PLUS loans for graduate students. Borrowing caps of…
The Social Security Administration added 13 new serious medical conditions to its Compassionate Allowances List.…
California’s Climate Credit gives households an automatic discount on utility bills. Most families in California…
President Trump’s new law gives $1,000 to every baby born in the U.S. between 2025-2028.…
Millions of families in New York must spend their Summer EBT benefits before October 17,…
The government shutdown has forced furloughs at the VA, but essential services like medical care,…