Average rent in Canada hits new record high in August
Canada’s rental market continues to reach record heights, with average asking rents soaring to $2,117 in August. This represents a monthly increase of 1.8 per cent and an annual growth rate of 9.6 per cent according to the latest National Rent Report by Rentals.ca and Urbanation.
Over the past three months, the Canadian rental market has seen a staggering 5.1 per cent increase in asking rents. This translates to a monthly rent increase of over $100.
Shaun Hildebrand, president of Urbanation, notes that, unlike the United States, Canada’s rent inflation shows no signs of cooling down despite rental completions “having reached their highest level in decades.”
He adds, “This is illustrative of the severe rental housing shortage across the country and the magnitude of the impact on rental demand as the population expands by a record pace.”
Regional insights
Calgary maintains its position as the leader in rent growth among Canada’s largest cities, recording a year-over-year increase of 17.3 per cent. The average rent for purpose-built and condominium apartments in Calgary now stands at $2,068.
Montreal closely follows, with an annual growth rate of 16.4 per cent, marking the first time asking rents have surpassed the $2,000 threshold at $2,001.
Toronto and Vancouver, Canada’s most expensive cities, posted below-average annual rent increases of 8.7 per cent and 7.3 per cent, respectively. Still, they reached staggering average monthly costs of $2,898 in Toronto and $3,316 in Vancouver. Notably, Vancouver witnessed a marginal 0.7 per cent decrease in average rents month-over-month.
Mid-sized markets
Mid-sized markets across Canada also saw double-digit annual increases. Brampton, Ont. recorded a 21.6 per cent increase, reaching an average rent of $2,713. New Westminster, B.C. followed with a notable 17.8 per cent annual growth, resulting in an average rent of $2,511, while Cote Saint-Luc, Que. posted a 16.4 per cent increase, setting the average rent at $2,271.
In Alberta, the fastest growth in mid-sized markets occurred in Grande Prairie and Lethbridge, both with a 9.3 per cent increase, leading to average rents of $1,169 and $1,276, respectively.
In Saskatchewan and Manitoba, Regina took the lead with an annual growth rate of 10.9 per cent, while Winnipeg posted an annual increase of 8.3 per cent.
Unit breakdown
Among various rental unit types, studio apartments recorded the highest month-over-month rent increase, jumping by 2.4 per cent to an average of $1,480.
One-bedroom units led the year-over-year growth, boasting a 14.8 per cent increase and averaging $1,880 per month.
Two-bedroom apartments and three-bedroom units commanded average asking rents of $2,233 and $2,448, respectively, marking annual increases of 12.3 per cent and 10.6 per cent.
Rising demand for shared accommodations
Rents for shared accommodations, such as roommate arrangements, continued to rise across Canada. In Quebec, average asking rents for shared units grew by 24 per cent annually to $888 per month. Alberta closely followed with a 20.5 per cent annual growth, reaching an average of $851. British Columbia saw a 17.7 per cent annual increase in average asking rents for shared accommodations, amounting to $1,150 per month. In Ontario, roommate rents grew at a more moderate annual pace of 7.5 per cent, settling at an average of $1,040.
Read August’s full report here.
Strong sales push Metro Vancouver home prices past the rate hike in July
Home prices across all home types in Metro Vancouver1 rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909).
“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economics and data analytics said. “Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”
There were 4,649 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2023. This represents a 17 per cent increase compared to the 3,975 homes listed in July 2022. This was 5.2 per cent below the 10-year seasonal average (4,902).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,301, a four per cent decrease compared to July 2022 (10,734). This was 14.4 per cent below the 10-year seasonal average (12,039).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2023 is 24.9 per cent. By property type, the ratio is 16.5 per cent for detached homes, 32 per cent for townhomes, and 30.6 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“What’s interesting to see in the current market environment is that, while the Bank of Canada rate hike this July was only a quarter of a per cent, mortgage rates are now at the highest levels we’ve seen in Canada in over ten years,” Lis said. “Yet despite borrowing costs being even higher than last July, sales activity surpassed the levels we saw last year, which I think says a lot about the strength of demand in our market and buyers’ ability to adapt to and qualify for higher borrowing costs.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,210,700. This represents a 0.5 per cent increase over July 2022 and a 0.6 per cent increase compared to June 2023.
Sales of detached homes in July 2023 reached 681, a 28.7 per cent increase from the 529 detached sales in July 2022. The benchmark price for a detached home is $2,012,900. This represents a 0.6 per cent increase from July 2022 and a 1.1 per cent increase compared to June 2023.
Sales of apartment homes reached 1,281 in July 2023, a 20.7 per cent increase compared to the 1,061 sales in July 2022. The benchmark price of an apartment home is $771,600. This represents a 2.6 per cent increase from July 2022 and a 0.6 per cent increase compared to June 2023.
Attached home sales in July 2023 totalled 466, a 53.3 per cent increase compared to the 304 sales in July 2022. The benchmark price of an attached home is $1,104,600. This represents a 1.2 per cent increase from July 2022 and a 0.5 per cent increase compared to June 2023.
Credit to: Real Estate Board of Greater Vancouver
Home Prices Continue To Rise in Metro Vancouver’s Housing Market To Kick Off The summer
July 05, 2023
Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).
“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of economics and data analytics said. “The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”
There were 5,348 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per cent increase compared to the 5,278 homes listed in June 2022. This was 3.1 per cent below the 10-year seasonal average (5,518).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,990, a 7.9 per cent decrease compared to June 2022 (10,842) This was 17.4 per cent below the 10-year seasonal average (12,091).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2023 is 31.4 per cent. By property type, the ratio is 20.9 per cent for detached homes, 38.5 per cent for townhomes, and 39.4 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver. This is the fundamental reason we continue to see prices increase month over month across all segments,” Lis said. “With the benchmark price for apartments now standing at $767,000, we repeat our call to the provincial government to adjust the $525,000 threshold exempting first-time home buyers from the Property Transfer Tax to better reflect the price of entry-level homes in our region. This is a simple policy adjustment that could help more first-time buyers afford a home right now.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,000. This represents a 2.4 per cent decrease over June 2022 and a 1.3 per cent increase compared to May 2023.
Sales of detached homes in June 2023 reached 848, a 28.3 per cent increase from the 661 detached sales recorded in June 2022. The benchmark price for a detached home is $1,991,300. This represents a 3.2 per cent decrease from June 2022 and a 1.9 per cent increase compared to May 2023.
Sales of apartment homes reached 1,573 in June 2023, an 18.6 per cent increase compared to the 1,326 sales in June 2022. The benchmark price of an apartment home is $767,000. This represents a 0.5 per cent increase from June 2022 and a 0.8 per cent increase compared to May 2023.
Attached home sales in June 2023 totalled 547, a 17.6 per cent increase compared to the 465 sales in June 2022. The benchmark price of an attached home is $1,098,900. This represents a one per cent decrease from June 2022 and a 1.5 per cent increase compared to May 2023.
Credit to: Real Estate Board of Greater Vancouver
Beedie Unveils Fraser Mills Master-Planned Community in South Coquitlam
By Rob MacDougall, June 12, 2023
Located along the banks of the Fraser River in South Coquitlam, Fraser Mills will be the city’s first and only waterfront community. When complete, this 96-acre neighbourhood will be home to a collection of residences, restaurants, shops, extensive green space, plazas, and an aquatic and community centre. As a new landmark in the region, Fraser Mills will shape the future of Coquitlam and become a legacy milestone community for Beedie.
Beedie’s integrated team has envisioned a community in the spirit of the working river it runs alongside. Fraser Mills will celebrate the historic and cultural significance of the village that was built around the thriving sawmill. Masterplan partnerships include the City of Coquitlam, TransLink, Perkins & Will, Perry + Associates, and Bunt & Associates.
“WE ARE INCREDIBLY EXCITED TO BRING FRASER MILLS TO LIFE. AS COQUITLAM’S FIRST AND ONLY WATERFRONT COMMUNITY, THE PRIME LOCATION ON THE RIVER OFFERS A VIBRANT MIX OF HOMES, WORKPLACES, AND PUBLIC SPACES THAT CATER TO EVERY STAGE OF LIFE.”
– RYAN BEEDIE, PRESIDENT.
The development comprises 5,500 new homes, including options for strata and rental properties. It will also feature a vibrant urban plaza, childcare spaces, opportunities for innovative business, over 16 acres of park and recreation and plans for an elementary school. It is intentionally optimized to fully embrace life on the river’s banks, filled with gathering places, green spaces, and endless choices for work and play.
Situated on 96 acres of prime waterfront land, Fraser Mills is designed to be a complete community.
Fraser Mills also boasts an impressive array of amenities and features. Residents and visitors can find the restored wharf at the terminus of King Edward street, a new Fraser Mills pier, and a dog park. Organized activities are planned to enliven the social spaces seasonally, and recreational facilities will offer ample opportunities for fitness, play, and leisure. The park and recreation area will feature sports courts for tennis, basketball, and table tennis, playgrounds, a waterpark, and an urban beach, ensuring there is something for everyone to enjoy.
For more information on Fraser Mills, visit https://www.beedie.ca/residential/the-village-at-fraser-mills/
About Beedie
Beedie is a highly respected and experienced company based in British Columbia, with a nearly 70-year history of building dynamic and accessible communities and industrial spaces throughout Western Canada, Ontario and Nevada. They are involved in residential, industrial, and mixed-use projects, and take a holistic approach to their work. As a family-owned business, Beedie was founded on principles of intelligent design, thoughtful details, and craftsmanship, and they have remained true to these values throughout their growth. Today, they are the largest private industrial landowner, developer, and landlord in Metro Vancouver, and they continue to prioritize high-quality work and community-building in all their projects.
Media Relations: Max Jakubke, PUBLiSH Partners
Credit to: Rob MacDougall,
Competition Heats Up Among Buyers As Summer Arrives
While the year started slower than usual, Metro Vancouver’s1 housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month.
Sales
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,4112 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458).
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B.C. strata changes: Boomerang kids allowed in 55-plus strata buildings
Government increases exemptions for those living in 55 and over condos
Author of the article:
David Carrigg, Published May 01, 2023 •
PHOTO BY MONKEYBUSINESSIMAGES /Getty Images/iStockphoto
Last November, the B.C. NDP banned all rental restriction bylaws in strata agreements — except for over-55 strata buildings.
As a result, hundreds of strata properties adopted the 55-plus age restriction.
Prices Continue Rising As Home Buyer Confidence Returns
VANCOUVER, BC – May 2, 2023
With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249).
“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.”
Spring Brings Renewed Price Growth Across Metro Vancouver’s Housing Market While New Listings Remain Dormant
VANCOUVER, BC – April 3, 2023
Home prices across Metro Vancouver’s1 housing market showed modest increases in March, while new listings remained below long-term historical averages. March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,5352 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540). The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023.
Below Average Home Sales Allow Inventory To Inch Upwards
February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s* housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023.
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Home Sales Decline Below Long-Term Averages and Inventory Remains Low To Start 2023
Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.
Last month’s sales were 42.9 per cent below the 10-year January sales average.
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