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- New study says average two-bedroom Vancouver rent could rise by 52% by 2027
New study says average two-bedroom Vancouver rent could rise by 52% by 2027
It's not impossible to imagine given rents increased in Vancouver by 42 per cent since April 2021
Good morning,
It looks like Vancouver is about to get its first atmospheric river of the fall this Friday. Get out those raincoats, and throw on those waterproof Blundstones because it’s going to be a wet one. Luckily, it won’t be a dangerous and damaging one like many in the past ones.
In today’s newsletter, we’re covering a few housing stories that are popping up this week, including some new development proposals, and a new study on how much rents could increase without building more homes. We’ve also got our first local bookstore profile, and a huge list of art events.
Let’s dive in!
— Geoff Sharpe, Lookout managing editor
PS - If you find this newsletter valuable, please consider forwarding it to your friends. New to the Lookout? Sign-up for free.
WEATHER
Wednesday: 13 🌡️ 8 | 🌧️
Thursday: 12 🌡️ 7 | 🌤️
Friday: 11 🌡️ 8 | 🌧️ (Atmospheric river warning)
HOUSING
New study says average two-bedroom Vancouver rent could hit $5,200 by 2027
What happened: A new report by Erkan Yönder from the John Molson School of Business at Concordia University says that average rents in Vancouver for a two-bedroom apartment could rise by around 52% by 2027 for an average cost $5,200, and another 53% by 2032, to $7,750 per month.
Background: High levels of population growth, partially due to immigration, mean that Canada needs to add 5.8 million new homes by 2031, 2.2 million of which need to be purpose-built rentals. Unfortunately, only 570,000 purpose-built rentals have been created in the last 30 years. That’s a big gap…
The report estimates these types of rent increases could happen if the status quo is maintained. Another problem identified is that vacancy rates are so low due to such a backlog in buildings that even adding more supply in the short term won’t solve the issue. Rents increase at a much lower rate, according to the report, when housing completions hit 11-12 per cent of existing rental units.
Though these numbers are high, it’s worth remembering that between April 2021 and June of this year, rents rose 40.8 per cent in Vancouver, according to Yahoo News.
Behind the report: As a courtesy to readers, we here at the Lookout believe knowing who is behind these reports matters. Equition is one of the partners on the report, a private real estate investing firm that makes revenue from the rental market.
Reality check: The report models our rent increases, but cannot account for everything. Interest rates could rise or fall, immigration could decline — as we’re currently seeing with a reduction in foreign post-secondary students — a provincial government could change… None of that can really be accounted for. So it’s worth taking these types of reports with a grain of salt. But it’s still valuable to understand how the housing market could change.
What it means: The good news is last year, there were 33,244 new housing starts in the Greater Vancouver area according to the Canadian Mortgage and Housing Corporation. Unfortunately it’s still not near where we need for the expected volume of new residents. It’s another stark reminder for policymakers that more still needs to be done.
Other housing news
Speeding up multiplex permits: The city is touting its new multiplex permit plan, which they say will cut down permitting times by 50 per cent for single family lot owners who wish to turn their property into multiplexes. Many experts say that while that type of housing is important, it is not a solution to the massive demand, and it’s still very complex for individual property owners to undertake building multiplex housing.
More homes in Kits: As part of the Broadway Plan, there are seven proposed towers ranging from 64 to 76 metres, with 1,354 rental units, between 6th and 8th Avenue on Arbutus, 1960 7th Avenue and another at the 2100 area of West 1st Avenue, according to the Vancouver Sun. City staff is recommending all rezoning applications be approved.
Businesses angry: Local businesses are venting their frustration and opposition to a supportive housing project for low-income seniors and other equity-denied groups at 1450 West 12th Ave. in South Granville, according to Vancouver is Awesome. One business owner even threatened to move.
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VANCOUVER NUMBERS
$1.77: The cost of gas per litre this weekend, but experts say gas prices will likely rise soon. [CityNews]
1.6%: The annual inflation rate in September. The good news is that this is the smallest since February 2021. Without gas prices falling, the rate would’ve been 2.2 per cent. [CityNews]
45%: The percentage of voters who plan to vote for the BC NDP, compared to 40 per cent of the BC Conservatives, according to the latest polling. [CityNews]
HOME OF THE WEEK
I don’t think I’ve ever featured any home in the Marpole neighbourhood, so I thought we’d take a look at what’s around.
This place really caught my eye. It’s a three-bedroom, three-bathroom building with only 1,185 square feet. But it’s a ½ duplex with a big patio, open floor space and a lower-level rental unit.
House of The Week is a home selected by the Lookout team and is not a paid advertisement. All ads are labeled as such. If you’re a realtor who wishes to feature your home in our newsletter, please contact our sales team.
THE AGENDA
🌲 Pipeline Road in Stanley Park, north of the wooden bridge, will be closed to the public, along with 15-minute closures of the Chickadee and Eagle Trails, to deal with the looper moth infestation. [City of Vancouver]
🧑⚖️ Two members of the Drug User Liberation Front, which sold tested safe supply drugs through compassion clubs, have filed a court challenge claiming that their Charter rights and their users’ rights were violated when the club was shut down. They claim that denying safe supply puts people’s lives at risk. [Vancouver Sun]
🗳️ In provincial news, the BC Conservatives released their costed election platform yesterday, as election day draws near on Oct. 19. They say they will balance the budget deficit within two terms in government, but many say the platform’s projections of economic growth at 5.4 per cent per year is too optimistic. The plan also doesn’t include any costs for large capital projects like the widening of Highway 1 and the expansion of the Pattullo Bridge. [CityNews]
❌ Sikh groups in BC are calling on the Canadian government to shut down India’s consulates in Vancouver and Toronto. Six diplomats were expelled for their alleged involvement in homicide and extortion targeting Canadians connected to the Khalistan independence movement. [CP24]
🔥 It feels like there’s a story about a fire every day in the newsletter… A fire broke out in East Vancouver Tuesday morning near East 3rd Avenue and Skeena Street. Vancouver Fire and Rescue Services said the fire isn’t considered suspicious, and no one was injured. [CityNews]
👮 Following a random attack on Sunday against a woman near SkyTrains station, a man has been arrested and charged with aggravated assault. [CityNews]
🏢 A woman was almost hit by falling glass on Saturday from the Fairmont Pacific Rim Estates downtown. The building has yet to comment on it. It all makes you wonder just how smart it was to build so many all-glass buildings… [CityNews]
Community Profiles: Iron Dog Books
Photo provided by Iron Dog Books
You know what’s great about living in a city? Access to so many wonderful locally owned businesses. Over the next weeks we’ll be highlighting some of them. The first in our series are local bookstores.
Who are you?
Our bookstore is called Iron Dog Books at 2671 E Hastings St, owned by Hilary and Cliff Atleo.
How long has your bookstore been around?
We began as a booktruck in Fall 2017, opening our brick-and-mortar store in December 2019.
What is unique about your bookstore and what sort of books do you focus on?
We like to think of our shop as a neighbourhood bookstore, with a focus on Indigenous literature. Both Cliff and Hilary are Indigenous (Cliff is Nuu Chah Nulth/Tsimsian and Hilary is Anishinaabe Ojibwe) and so we have curated a very extensive Indigenous non-fiction section, as well as picture books, fiction, young adult literature and poetry.
What do you love about the Vancouver neighbourhood your business is in?
Hastings-Sunrise is the best neighbourhood in Vancouver! We serve a tremendously diverse population in this community and find that our customers help make our store a wonderful place to be. We also have the best food here, with particular favourites Laksa King and Tamam.
What's something you've been reading lately you think Vancouver book lovers might enjoy?
We were lucky enough to get a sneak preview of Jody Wilson-Raybould's new book Reconciling History and we can't wait for folks to read it! Its official release date is October 29th, and we will be selling copies at the official book launch on October 27th at the West Vancouver Memorial Library. The event is free to attend and folks can register on our website.
Do you like these kind of interviews and community profiles? |
ARTS
Music
The Vancouver Symphony Orchestra has a number of shows coming up, including Alessio Bax who is described as one of the most elegant young pianists, intimate concerts, orchestra accompaniment with the Empire Strikes Back, multiple performances from the VSO chamber players and the classical music of Gene Kelly from such famous movies as Singin’ in the Rain. Full list here.
For those interested in more classical music, the Vancouver Recital Society has five shows this month, including Brahms Fest, which brings together eight musicians from three countries to share their favourite chamber music. Learn more.
Emerging artists share their music at Vancouver’s New Music annual festival from Oct. 17-19 at VIVO Media Arts Centre. Tickets are $25.
Movies
The Vancouver Asian Film Festival is back from Nov. 7-17, with movies, panels, workshops and more. Check it out.
The Chef & the Daruma is back at VIFF, and I cannot recommend it enough. It’s the story about local Vancouver chef Hidekazu Tojo, and is showing on multiple dates in October. Some other recommended movies this month include Janet Planet, Apocalypse Now: Final Cut, The Conversation and the cult classic The Fall.
Over at the Rio, they’re showing a bunch of scary and semi-scary movies, like the Japanese cult classic House, Terrifier 3, and Vancouver Badass Film Festival which is completely unrelated to Halloween.
Art
Details are scarce, but it appears the Beaumont, my new favourite multi-purpose space, is putting on a Halloween Bill Murray Art Exhibit starting on Thursday until Oct. 30. Fun!
Any Lookout readers who are 55+ should check out the Vancouver Art Gallery’s Art at any Age series, where seniors can socialize, learn and explore art at multiple events, all for free on Oct. 23 at 10 am.
The Vancouver Writers Fest is on from Oct. 21 to 27, featuring 120 writers and 88 events. Event list here.
COMMUNITY HIGHLIGHTS
If you’re a Halloween fan, then this list of bars and restaurants serving up Halloween specials is for you. [Straight]
Discover trends, business tips, top food spots, and Vancouver’s hidden gems with “Hey, Downtown Van!” Listen now on Spotify and Apple Podcasts! [Sponsored]
Discover new places in Vancouver to eat, without the clickbait content with our free food newsletter. Subscribe in one click.
The Rec Room opens across from the Commodore Ballroom soon. It’s a space full of arcade games, axe throwing, and many other activities. [604Now]
Niwa is a new restaurant set to open at 1875 Powell, and will focus on pushing the definition of comfort food, and features a strong Sake list. [Scout]
There’s a great deal on flights to Hawaii and Australia from Vancouver. [Vancouver is Awesome]
GAME TIME
Like the Home of the Week, this week’s Vancouver Guesser is in Marpole. Can you guess either of these streets? Reply with your name and one of street names (bonus points for both) and we’ll include your name in the next newsletter.
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