VANCOUVER (NEWS 1130) – We haven’t stopped talking about real estate in the Lower Mainland for months now, and there is more proof just how out of control the market is becoming.
New statistics from a local blog, looking at rental prices in cities nation-wide, finds Vancouver is at the top of the list — which may not surprise many of you.
PadMapper says a one-bedroom apartment in the city now costs up to $1,900 a month to rent, followed by Toronto, Victoria, Montreal and Ottawa. If you think that’s bad for a one-bedroom suite — two bedrooms in Vancouver will apparently set you back more than $3,100.
If you can’t handle it anymore and want to live somewhere cheap — the city with the lowest rent in Canada this month, according to PadMapper, is Saguenay, Quebec, where a one-bedroom apartment is going for as low as $490, and a two-bedroom is $600.
Earlier this week, the BC Real Estate Association says the province’s housing market had tumbled from record highs posted in 2016 to return to what it calls historic, long-term averages.
The association says 4,487 condos, townhouses, and detached homes sold in BC in January, down 23 per cent compared with the same period last year. The total sales value also dropped 36.5 per cent over the same period to $2.79 billion, while the average home price was off 17.5 per cent to $621,093.