Average rental prices have skyrocketed in Vancouver

Rental prices soar and a new heatwave is here

Author

Geoff Sharpe
August 14, 2023

Good morning,

A heat warning has been issued for Vancouver and the South Coast until Thursday, with temperatures expected to get over 30 C, and up to 33 C. Take precautions by staying in cooler places, don’t do strenuous outdoor activities and consider shifting your outdoor time to the cooler parts of the day.

Today we’ve got:

  • 🏠 The rental crisis in Vancouver

  • 🥵 The heatwave is here

  • 👍 And some good news about locals stepping up to help the destroyed town in Hawaii

And a reminder there are three days left to take our survey! Help choose the stories we cover we cover and write about in the newsletter.

Let’s go!

— Geoff Sharpe, Vancity Lookout newsletter writer

If you find this newsletter valuable, please consider forwarding it to your friends. New to the Lookout? Sign-up for free.

WEATHER


Monday: 29 🌡️ 19 | ☀️

Tuesday: 29 🌡️ 18 | ☀️

Wednesday: 29 🌡️ 18 | ☀️

HOUSING

Vancouver’s rental crisis hits new milestone

A crisis only begins to describe the scale of the problem when it comes to finding a place to rent in Canada.

What happened: New data shows Canada’s rents are skyrocketing, to an average of $2,078, according to CTV. In the last three months, prices have risen 8.9 percent, and 21 percent compared to the same period in 2022.

In Vancouver: Brace yourselves, it’s not pretty. The average monthly price for a one-bedroom in Vancouver is — gasp — $3,013 per month… That represents a year-over-year increase of 16.2 percent and is over $400 more than the next closest city Toronto. And good luck finding a three-bedroom, the price is on average $3,918.

  • A recent listing, according to Vancouver is Awesome, has a room in a living room for $1,000 a month. Expect these unconventional living arrangements to only increase as increased demand runs up against limited supply.

The causes: Where to start? Lack of home building and constrained supply is a major reason. Interest rates have also made turning a condo into a rental unit much less profitable, according to CBC. The report also says the influx of post-secondary students needing leases also drives up prices at this time of year.

  • This problem is affecting foreign students who are increasingly unable to afford to come to Vancouver because of rental prices, according to Indian Express.

Zoom out: A new poll from the Vancouver Sun shows that homeowners have the capacity to build rental units in their homes, but are unwilling to because they’re concerned about problem tenants and some spaces require investment to make them ready for rentals.

Yes, but: Of course, landlords want reduced tenant protections, but B.C. already has the highest level of no-fault evictions in Canada, according to CBC. Yet that doesn’t appear to have stopped ABC Coun. Lenny Zhou from advocating for just that type of policy.

What it means: There is no way to spin this issue — the rental crisis risks spiralling so far out of control that people cannot afford to live in major cities. Lack of housing means fewer people taking jobs, which creates a whole host of other problems. Politicians seem, at worst, indifferent and, at best, too slow to react to the scale of the crisis. The worst part is there is no simple solution. Sorry to leave this one on a negative note, but it’s not great!

Other issues: The housing crisis isn’t just a living crisis, it’s increasingly a problem for the economy. A new report by Business in Vancouver outlines how the lack of industrial land for the Port of Vancouver expansion could have major ramifications for the local economy.

Do you think politicians are doing enough to fix the rental crisis?

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VANCOUVER NUMBERS

🏠 $1.8 million: The price of a teardown home in Vancouver that is literally unlivable. It’s the property underneath that’s so valuable. [CTV]

⚡ 15%: How much BC Hydro wants to raise the cost of public charging stations. Some say it’ll reduce people’s desire to switch to electric cars, while BC Hydro says it’ll help recoup the cost of the chargers. [CityNews]

💰 $58,000: The cost of a fine to the real estate broker The Centre Pacific Project Marketing Corp., after they failed to comply with federal money laundering rules. [CTV]

NEW JOBS

Find your new dream job in Vancouver:

Local jobs are selected by the Lookout team and are not paid ads, unless specifically noted.

THE AGENDA

🥵 A heat warning has been issued until Thursday for much of the South Coast, including Vancouver. Temperatures could get up to 33 C. It’s expected to be the longest heat wave of the summer. [CTV]

🇨🇳 The trends affecting Vancouver’s Chinatown are the same affecting other Chinatowns in cities around Canada, as economic pressure, gentrification and public safety change the neighbourhoods’ character. [CBC]

🔥 It turns out this isn’t the first time the owners of the Mount Pleasant building where a fire displaced 70 people have had buildings that caught fire. In 2009 and 2013, buildings owned by the same people caught fire, and one of the tenants died. [The Tyee]

✈️ Vancouver residents caught in the Maui fire have returned home, sharing their stories of chaos as the fire swept through the community. [Vancouver Sun]

👚 The Downtown Eastside Market is facing an uncertain future, as the lease for the space ends after August. Supporters say it brings much-needed income to lower-income residents, while others say it’s a place to sell stolen goods. [Global News]

🏥 Orthopedic surgeries, such as hip replacements, have record-breaking delays due to a backlog of patients. COVID is partially to blame, but there were massive delays before it hit. Patients are being forced into private care to get things like MRIs to diagnose the issue. [CTV]

Local news doesn’t have to boring…

But many times it is. Here at the Lookout, we’re trying to change that.

We want you to discover the best ways to live in and learn about Vancouver, all in a way that’s actually fun to do.

We need your help to shape our newsletter and the stories we cover. Take two minutes to share your opinions — we read every single response!

SPORTS

🏒 The Canucks signed forward Pius Suter to a $3.2-million two-year contract. He had 14 goals and 10 assists in 79 games last year with the Red Wings. [Sportsnet]

🏀 The Toronto Raptors will be hosting their training camp from October 3-7 at the Christine Sinclair Community Centre. [Fan Nation]

⚾ The Canadians won 1-0 on Friday, 8-7 on Saturday and 3-1 on Sunday against the Tri-City Dust Devils. The team is now 68-39 and sits at first in the standing in the Northwest League.

🏀 The Vancouver Bandits lost to the Calgary Surge 77-75 in the West Conference final on Friday in the Canadian Elite Basketball League. [CBC]

🏈 Congrats to ex-BC Lion Nathan Rourke who threw an incredible pass for his NFL debut game for the Jacksonville Jaguars.

SURVEY

On Friday, we asked if the Vancouver School Board should be selling off its land to generate more revenue. Readers were clear — 74 percent of you said the land should be saved for schools.

Here are some responses from our Lookout community:

Readers: Sell to the developer and have school as part of development.

Geoff: This seems like a good idea. Crosstown is a good example of this, where it’s a mixed-use development, with a school that was added afterwards.

Reader: It's very short-sighted to think that Vancouver now is going to stay this way forever. When the rich people's older kids, 20 to 30, start having kids of their own the tables will turn.

Geoff: It’s hard not to argue with this point. As land becomes more and more expensive, it will be harder to build schools in the future. Long-term thinking is sometimes lost when it comes to short-term needs. It’s unfortunate they don’t have more funding so the school board isn’t put into the position of needing to sell land.

Reader: The key is better design and use of the land during the school redevelopment phase. Not all schools require giant parks and green spaces which seems to be the default for the VSB. NY/LA and other denser cities use rooftop green spaces, and even incorporate schools into mall-like structures.

Geoff: We all have a strong emotional attachment to the schools of our childhood. But this reader brings up an interesting point about alternative land usage. Something like this could make sense, maybe even add a garden so children can experience outdoor gardening! The key is that there are multi-use parks nearby so kids can still play sports.

EVENTS GUIDE

Vancouver Queer Film Festival | Throughout Vancouver | Aug 10-20 | Celebrate 35 years of queer film with a massive festival of movies at location and streaming | Various prices

Taste of Sicilia Dinner | Italian Cultural Centre | Thursday, 7 pm | Enjoy a meal focused on southern Italy, including caponata, ricotta al forno, cannoli and more | Tickets $70

Irish Fusion Festival | Pacific Boulevard and Carrall Street | Saturday and Sunday | Celebrate Irish community and culture with musical performances, dance, good drinks and Irish good times | Tickets $27

Meowfest 2023 Vancouver | Rocky Mountain Station | Saturday, 10 am-5 pm | Cat festival is a thing and it’s the largest in Canada, featuring the perfect place to shop for your pet, and it features cats! | Free

Vancouver Chinese Film Festival | Annex, 823 Seymour Street | Saturday 2 pm-5 pm | Experience Chinese storytelling from seven documentaries from Canadian directors | Tickets $22

Asian Summer Market | Raddison Hotel Vancouver Airport | Saturday and Sunday, 6 pm | Artists, crafts and other small businesses showcase their products and services | Free

West End Community Clean-up Day | Gordon Neighbourhood House | Saturday, 10 am | An event that brings together people who care about the community to clean up the streets in the area | Free

Granville Flea Vintage Expo 2023 | The Beaumont Studies | Sunday, 11 am-7 pm | Vintage products, music, since cream, food and good times, plus a mobile barber shop | Tickets $8.79

Mt. Pleasant Street Art and Mural Tour | Sunday, 11 am | Free public tour of mural art throughout the neighbourhood, including the different types of art like abstract, surrealism and more | Free

Railtown Tailgate Barbecue | Railtown Cafe | Sunday, 5 pm | BBQ tailgating with beef brisket, sausage, pork shoulder and more | Tickets $27.96

Pacific Arts Market Pop-Up at Jim Deva Plaza | August 26, 1 pm-5 pm | Live painting, local arts and crafts, music and stuff for kids| Free

COMMUNITY HIGHLIGHTS

  • Is this your dog? It was found at Main and Hastings at 3 pm on Saturday. [Reddit]

  • Granville Island looked a little different 100 years ago… [Vancouver is Awesome]

  • If you love lights, you’ll want to read this guide for 14 light landmarks in the city. [Urbanized]

  • Apparently, Vancouver’s Steamclock has a twin in Otaru Japan! [Reddit]

  • Here’s a helpful map for neighbourhood temperatures during the upcoming heatwave. [Vancouver is Awesome]

GOOD NEWS MONDAY

Start your day off with some good news:

Local businesses connected to Hawaii in Vancouver are helping raise money for those impacted by the Maui fire which many killed and thousands without homes. Steve’s Poke Bar is donating $1 from every sale to the Maui Food Bank, while Hanai is donating money from the sale of a specific food item to the Mau Strong Fund. [CTV]

PHOTO OF THE DAY

This person says they are only an amateur photographer, but these shots look great!

GAME TIME

Congrats to everyone who correctly guessed Friday’s Wordle. The answer was MALL.

Today’s quiz question is easy if you read the newsletter. What’s the cost of an average one-bedroom rental in Vancouver? Reply to this email with the answer and your name to be included in the newsletter.

What did you think of today's newsletter?

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