Vancouver rental market heats up while sales cool
It’s no secret that the Vancouver housing market over the last 7 years has seen 
record returns for ownes fortunate enough to own a piece of this world class city. Now that the real estate sales have cooled and prices have come down the rental housing market is taking it’s turn. The Vancouver Sun recently published a front page article reviewing how dire the Vancouver rental situation actually is. The end figure published was a shocking 0.3% vacancy rate.
Countless rental buildings throughout the city have been snapped up by investors and are in the process of being redeveloped into market housing with a portion (often small) remaining as rental. Here is the good news, 1st time home buyers and folks who have been waiting for the cost of housing to come back down into an affordable range…your wish has come true! Entry level prices in the market have already come down substantially.
Check out our last weeks post about 10 Hot properties in Vancouver. If you are currently tired of renting in Vancouver and would like to take advantage of the recent downturn in the market…now could be a good time for you to stop paying someone else’s mortgage and get a foot in the door.
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Filed under: Condos, Developments, Downtown Vancouver, Statistics, tips
I was actually talking about Vancouver’s spectacular rental rates the other day. I recently moved back to Winnipeg from Miami and am heading to Vancouver in about a month. My theory is that Van rent is because Toronto is really your only other choice for a metropolitan area in Canada. And let’s face it, no one likes Toronto expect people that live there.