VANCOUVER, British Columbia and TORONTO, March 14, 2023 (GLOBE NEWSWIRE) -- In a year characterized by rapidly rising inflation and the resulting increases to the Bank of Canada’s target overnight rate, average rent prices have skyrocketed across Canada.
liv.rent, a digital rental platform which manually collects and aggregates rental market data, has recently published their 2022 Annual Rent Report for both Vancouver and Toronto. Inside the 46-page reports, you’ll find new data and exclusive insights that show the meteoric rise in rental prices over the course of 2022 – plus reasons why rental rates are predicted to continue increasing over the coming year.
The 2022 Canada Annual Rent Reports include important data such as comparisons of key rental markets, seasonal trends & major influences, and renters’ search preferences. As well, both the Vancouver and Toronto reports contain detailed snapshots of cities throughout the Metro Vancouver region and Greater Toronto Area – looking specifically at key statistics and overarching trends for each.
Here are some examples of the exclusive insights that can be found within these reports:
- Vacancy rates return to pre-pandemic lows — During 2022, the vacancy rate fell to 2.9%. Continuing a downward trend, vacancy rate reached 2.7% at the beginning of 2023 – the same rate during 2017.
- Vancouver sees its rent prices increase across the board — Compared to the city of Toronto and Montreal, Vancouver saw the largest increase in rental price during 2022 – for one-, two, and three-bedroom furnished & unfurnished units
- Immigration fueling demand for rental housing — 465,000 new permanent residents are expected for 2023. This does not include the number of returning students and potential homebuyers who remain in the rental market as a result of high interest rates.
- Rising interest rates stall new construction — Many residential projects in major cities across the country have stalled as a result of higher interest rates. Ontario and Alberta may see shortages for rental housing in the future as the projects currently under construction are largely focused on single-family, detached homes.
- Record-high rental rates expected in 2023 — As a result of these factors and more, we predict that Canadians can expect rent prices to continue rising throughout 2023.
The full 2022 Canada Annual Rent reports have many more crucial insights, plus forecasts from liv.rent’s rental experts.
Vancouver
Toronto
Journalists may cite the following link for their audience to obtain a copy of the report: https://landing.liv.rent/annual-rent-report/
Data Collection Methodology
Our annual rent report uses data from our own liv.rent listings, as well as data our team manually collects from other popular listing sites. Our data collection methods differ from some government agencies like the CMHC in that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied and may be rent-controlled or rented for significantly lower than the current rates.
For more information on our data collection methodology, including what types of rental housing we look at, please consult the full reports.
Note: this report may not be disseminated in its entirety. We welcome you to share and post tables and data sets with credit on your channels, and you can contact us at media@liv.rent for additional assets.
About liv.rent
Since launching in 2018, liv.rent has been a leader in the rental industry, transforming the way Canadians rent with the integration of technology and innovative safety measures. In addition to industry-leading verification protocols and automation features for both renters & landlords, liv.rent actively helps to combat rental scams by providing free resources and up-to-date market information for the Canadian rental community. As part of this commitment, liv.rent publishes monthly Rent Reports for Vancouver, Toronto, Montreal, and Calgary & Edmonton which provide free, in-depth insights into average rental rates in each of these regions. For more information on liv.rent, please see https://liv.rent/about.
Matisse Yiu
Marketing Manager
liv.rent
media@liv.rent
