What’s happening with rental prices in Vancouver?

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Good morning,

You could be confused into thinking rents aren’t actually going down in Vancouver. But the latest data shows they are… Though you’ll have to read on to find out how much (hint, it’s not much).

We’ve also got a deep dive into something I think will be a big issue this provincial election, and break down why it’s not as simple as politicians would have us believe (surprise!).

And finally, we’ve got a full list of events happening this weekend.

Let’s dive in. 

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WEATHER

Friday: 17 🌡️ 13 | 🌧️

Saturday: 18 🌡️ 12 | 🌧️

Sunday: 18 🌡️ 11 | 🌤️

Monday: 20 🌡️ 12 | 🌧️

HOUSING

What’s happening with rental prices in Vancouver?

What happened: New data shows rental prices are dropping in Vancouver. But the good news here is tempered, as the drop wasn’t that big. Worse still, the rental crisis continues to worsen in the rest of Canada, especially for cities that used to be affordable, according to the latest data.

A new report shows that the average asking rent in Vancouver for a one-bedroom is $2,690, down 4.6% compared to last year, according to Urbanized. The report notes that rents have fallen for four straight months. The average two-bedroom is also cheaper, down 2.6% compared to last year. 

• This decline is primarily in more expensive municipalities. Places like Winnipeg, Edmonton and Barrie all saw rental increases in the double digits. 

Liv.rent, another rental data provider, shared earlier this month that rental prices had dropped from $2,378 to $2,370 for September. Vancouver itself is listed in their report at $2,530, which is down compared to last year. 

Dig deeper: Neighbourhood data shows little difference in previous reports. Places close to the centre of the city are more expensive, while those further away are cheaper, with the exception of Point Grey.

• In case you missed it: Rental rate increases, which are set by the province, will increase by 3% in 2025, compared to 3.5% this year, according to CityNews.

Zoom out: With all that said, the picture is not great in Canada. Rents have increased by 22% across the country according to CBC. One growing trend in the rental market are financialized landlords, where investors generate profit from large networks of rental housing. Because it is owned by shareholders, more profit is demanded, so companies raise rents and purchase even more properties. Together, these companies own around 400,000 units, or 20% of purpose-built multi-family units. 

• For a deeper dive into this issue, you can read CBC’s story on the topic. 

What it means: While rents may be falling slightly, the increases over the last few years have made the drop less significant. The good news is there will be more purpose built rentals arriving in the coming years, which may lower prices. Around 33% of the 60,000 units that were under construction in 2023 were purpose-built rentals, which according to Urbanized, is the highest in 30 years in Metro Vancouver.

SPONSORED BY VIFF

An Evening with A.R. Rahman: Stories & Music from his Career

For one night only on October 5, two-time Oscar-winning composer and songwriter A.R. Rahman will join the Vancouver Symphony Orchestra and the Vancouver International Film Festival for An Evening with A.R. Rahman: Stories and Music from His Career.

The international superstar will provide a keynote and performance with the VSO at the Orpheum, with music spanning his legendary career composing for some of Hollywood and Bollywood’s biggest hits.

Reaching international acclaim in 2008 with his score for Slumdog Millionaire, A.R. Rahman’s live performance will be a celebration of sound and emotion. His works are notable for their seamless cultural integration of Eastern classical music with electronic music sounds, world music genres, and traditional orchestral arrangements.

Learn more and get tickets.

VANCOUVER NUMBERS

📈 $8.9 billion: The expected BC budget deficit by the end of the year, up by $1.1 billion from last year. The government says it was caused by lower corporate income taxes and natural resource revenues. [CBC]

🥕 100,000: The number of people served at Food Banks BC this month, the first time the organization has served this many people. Meanwhile, donations are near all-time lows. [Global]

⛴️ 80%: The percentage of Hullo ferry workers who voted in favour of unionization. [CBC]

PUBLIC HEALTH

Why calls for a return to Riverview are increasing

What happened: As cities continue to grapple with the growing unhoused population, drug addiction and mental health crisis, mayors are calling for the return to involuntary treatment at Riverview Hospital. But why are they doing this? And is this actually a solution?

Background: Riverview was a psychiatric hospital that at one point housed 4,700 patients in the 1950s. During the early years, many were subject to horrible treatments, such as shock therapy, hydrotherapy and sterilization, according to CTV. The facility was far less used in the 1990s but serves as a powerful symbol of a previous model, where patients were housed and dealt with together. 

Changes: The facility declined as governments adopted a belief that patients should be integrated into the community, and live more normal lives, rather than stratified and out of sight. Psychiatric services were also brought into hospitals. Hospitals were required to discharge patients at a greater rate in the 90s, and many argue patients throughout the entire system were discharged too quickly, resulting in many moving to the Downtown Eastside, where housing was cheap, leading to the situation we see today. 

• One surprising fact is that there are actually more involuntary detentions now than there were during the Riverview era, according to CTV, with more than 70 institutions and hospitals currently detaining people. 

Problem: To be clear, Riverview still has treatment beds, according to CTV. But many of the other buildings are 100 years old and in bad condition. There are also just not enough beds and facilities there to service enough people.

A bigger problem: Rather than Riverview itself, the bigger problem is the lack of treatment beds overall for those who need help. Back in 2023, according to PressProgress, there were only five new treatment beds added in a year from June 2022 to October 2023. In fact, the province has no way of measuring the waitlist for the province’s 3,260 publicly funded substance use beds, according to the Vancouver Sun, and patients and advocacy groups have noted that the waitlist to enter detox can be around several weeks.

• Politics: Before you go and blame one political party, it was both the NDP and the former BC Liberal party that slowly ended the facility. 

What it means: Riverview has a certain connotation to it. Politicians appear to be latching onto it as a symbol of a period of time before the more visible effects of homelessness and mental health issues in the community, whether or not it’s, in fact, the correct policy. At its core, while Riverview had enough beds to house people with issues, that is just not the case across the province today. The problem is not necessarily just the facility itself, but also enough treatment beds for those who actually want help. 

• What is clear is that the issue of involuntary treatment is going to be an issue this election and will not be going away any time soon.

THE AGENDA

🐕 It’s getting harder and harder for dog owners in Vancouver. A tense meeting was held at Britannia Community Centre about how Lord Nelson Elementary has shut down access to school grounds for dogs. The school board says their main goal is for the grounds to support student programs. Seven schools in the city limit access to their parks. Part of the complaint from locals is the lack of investment in more public and green spaces for them and their pets. [Vancouver Sun]

👮 Three Vancouver police department (VPD) officers may face disciplinary action, including suspension of up to 30 days and demotions, for an incident in 2023. One VPD member allegedly did an illegal turn, causing a crash and subsequent VPD members allegedly tried to stop the RCMP officers on the scene from recording the incident and doing their job. [Global]

🖐️ BC Conservative leader John Rustad is throwing his support behind involuntary treatment for substance use disorder, especially for children. The policy is in response to calls for a change in how governments deal with the mentally ill and substance users, but experts say this type of policy doesn’t actually work, and could make things worse. [CityNews]

🎨 The Narrow Group, who we’ve written about before, wants to transform the old Emily Carr University campus on Granville Island into 200 studio art spaces, restaurants and more, with art space costs set 60% below market rates. The Canadian Mortgage and Housing Corporation which owns the land has issued a “request for expressions of interest,” which is the first step in the process. You can read about the Narrow group in our story from our Lookout colleague Nate. [Vancouver Sun]

🛴 Lime scooters have officially launched in Vancouver. But don’t expect to see them everywhere, as the pilot program is in the Hastings-Sunrise neighbourhood. The scooters will have to be left in docks rather than on the street — Vancouver is the first city to require this. They also come with helmets, sidewalk detection systems to prevent sidewalk scooting, and are limited to 25 km per hour. Lime plans to expand its service throughout the city in the next five years. [CityNews]

💸 Everything is getting more expensive in Vancouver, including youth sport programs. As kids age, it becomes even more costly, creating a division between those who can afford it and those who can’t. [CityNews]

👷 Construction at Oakridge 41st SkyTrain station will start on Sept. 16 and is expected to last a year. During that time, expect some delays and elevator closures. [Vancouver is Awesome]

WEEKEND GUIDE

Vancouver Queer Film Festival | Various venues | Sep. 11-22 | A selection of 97 projects from 27 countries, with 28 features, five series debuts and 64 shot films — not to mention the five parties | Tickets $17

VIFF Live: William Basinski: Arcadia Archive | Rio Theatre | Wed. Oct 2, 8:00 pm | Acclaimed ambient and experimental composer William Basinski presents the Canadian Premiere of Arcadia Archive. This immersive, transcendent live performance forms part of the upcoming Vancouver International Film Festival | Learn more [Sponsored]

North Vancouver Shipyards Night Market | Sept. 13 | Last night of the event this year, come drink eat and mingle, with live music and DJ’s | Free

Great Outdoors Comedy Festival | Stanley Park | Sept. 13-15 | Artists include Tom Segura, Theo Von, Andrew Santino and more | Tickets various prices

Japan Market Fall Fair | Robson Square Ice Rink | Sept. 14-15, 10 am-5 pm | Come learn about Japanese culture, craft and food | Tickets $4-9

Bits + Bobs Warehouse Sale | Sept. 14 | Heritage Hall, 3102 Main St | The place to buy craft material and goods from your favourite makers | Tickets $4

Bike the Night | David Lam Park | Sept. 14, 5 pm | Join hundreds of cyclists for a bike ride + music, food and games, for charity | Tickets $18-$22

UBC Farm Fall Fair | 3461 Ross Drive | Sept. 14, 10 am-2 pm | Learn about sustainable food, plus a pie contest, live music, activities and more | Free

Bike the Night | David Lam Park | Sept. 14, 5 pm | Light up the seawall with hundreds of cyclists for this 10km route, with music, food trucks, games and more | Tickets $22

Car Free Day | Main Street | Sept. 15 | If you missed yesterday’s Car Free Day on the Drive, no worries! Main Street has you covered | Free admission

Formline Calligraphy | Bill Reid Gallery of Northwest Coast Art | Sep. 18 to Jan. 26 | Exhibition explores the creative relationship between Haida artist Bill Reid and famed printmaker, calligrapher, and close friend Robert Reid | Tickets $13 

Chantal Kreviazuk | Vancouver Playhouse | Sep. 20 | The three-time Juno and Grammy award-winning singer-songwriter comes to Vancouver | Tickets $50

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COMMUNITY HIGHLIGHTS

• You can get a free book at Indigo, Chapters and Coles in Vancouver this Saturday. But visit early, they won’t last. [Vancouver Sun]

• This Northern Chinese BBQ spot in Richmond is, dare I say, a hidden gem. Yes, I said it. [Vancity Lookout]

• Sadly the Pie Shoppe is closing this month. [Scout]

• If you’re planning to fly from Air Canada next week, you’ll want to read this guide to be prepared. [Business in Vancouver]

• Heads up, there may be some thunderstorms this weekend in the city. [Vancouver is Awesome]

PHOTO OF THE DAY

Often old photos of an area look completely different. Or in the case of Gastown, this photo from 1974 looks exactly the same (except people seem better dressed based on the fellow in the hat).

VANCOUVER GAMES

Congrats to Kari, Karen, Nina, Phillip and Heather who all knew the Vancouver Guesser was MEC’s flagship store.

Today’s Wordle is both a name and a word. Can you guess it? Play it here