If you are considering buying or renting an apartment in West Vancouver, it is important to find out the average rental income in that area so you can make an informed decision. There are several factors that will impact the price you pay for a place to live.
Average rent for an apartment in/near West Vancouver, BC
Rent in West Vancouver, BC is one of the more expensive in Canada. A two bedroom apartment in this city can cost more than $1,000 a month. The city is renowned for its safe communities and parks, but is also a popular commuter suburb.
However, West Vancouver has also seen a decline in rental prices. This is due to a large number of new apartments being built and an increase in interest rates. There were also new regulations for short-term rentals.
Another reason for the rise in rent is the increased demand for rentals in Vancouver. Many residents return to school and require accommodation. In November, Richmond and Coquitlam saw the biggest increases in rent.
In addition, renters in Vancouver, Vancouver Mall, Surrey, Fairview, Shaughnessy, and New Westminster saw increases as well. It is important to note that renters are paying the price for the interest rate hikes.
For instance, a two-bedroom unit in the Vancouver mall can cost $1,717 per month. That is over half the average rent for a two-bedroom unit in the Metro Vancouver area, which is $2,598.
When looking for an apartment in West Vancouver, BC, make sure you do your homework. You should check out what appliances are included in the lease and whether or not traffic noise is an issue. Also, inspect the locks and any safety devices before signing the tenancy agreement.
Home prices in West Vancouver are most drastically detached from local incomes in three provinces
If you’re looking for a great deal on a Vancouver property, you might be surprised to learn that the West Side is the most expensive region of the city. The average price of a detached home in the region dropped by 13.5 per cent in the past year, according to a Canadian Housing Statistics Program study.
Prices have also fallen in some neighbourhoods in Metro Vancouver, particularly in higher-end suburbs. This pushed more buyers to the sidelines. And the city is preparing to tax empty homes.
A report from MoneySense compared the prices of 21 major regions in Canada. It found that the price of a condo in Metro Vancouver increased by 6.3 percentage points over the last quarter. That’s the worst year-over-year increase since 2007.
One of the factors that’s causing the rising prices is the presence of foreign buyers. These people aren’t just buying luxury properties. Rather, they’re investing in Canada while working offshore.
Another factor that’s causing prices to rise is rising interest rates. A Mortgage and Housing Corporation report showed that the median monthly mortgage cost on a condo in the Vancouver CMA rose 1.3 percentage points in the past three months.
In addition to the effects of high interest rates, there are other factors that contribute to the housing market’s troubles. For example, in July 2017, the province announced capital controls. Although these aren’t necessarily a direct cause of rising prices, they can derail real estate sales.
Most popular neighbourhoods for unfurnished rentals in West Vancouver
Located in the northwest corner of Vancouver, West Vancouver has many parks and recreation options to keep you busy during the day and at night. It’s a popular destination for nature lovers.
The city has an eclectic mix of old heritage homes and newly built apartments. The neighborhood also offers pockets of local markets and shops. Depending on where you live, you’ll have easy access to BC Children’s Hospital and the city’s transit routes.
Downtown Vancouver is another popular location for renters. This area includes Robson Street, the business district, and the West End. There are also high-rise apartments, condos, and lofts to choose from.
Vancouver’s downtown region has a lot to offer renters, but its price tag is expensive. Rents can cost as much as $2,589 a month. In addition to this, the area has a diverse selection of restaurants and clubs.
The Vancouver Aquarium is fun for all ages. For the more adventurous, there are mountain biking trails at Cypress Provincial Park. During the 2010 Winter Olympics, Cypress Park was one of the venues for the snowboard and ski competitions.
If you’re looking for a house to rent in Vancouver, try a neighbourhood that is more residential. These neighbourhoods tend to have lower prices. You’ll want to look for ones located away from the city’s main attractions, though.
Whether you’re looking for a place for a family or a young couple, Kitsilano is a great place to find a home. This area has a fun atmosphere and offers a stunning view of the mountains.
Most expensive neighbourhoods for unfurnished rentals in West Vancouver
One of the most expensive places to rent an unfurnished unit in Canada is West Vancouver. The city is home to a plethora of luxury and semi-luxury homes with expansive layouts and panoramic views of the Howe Sound, Vancouver Island and English Bay.
There are several other Metro Vancouver cities with more expensive rental prices. The list is long and includes Coquitlam, North Vancouver, Surrey and Richmond. However, the cheapest places to rent an unfurnished unit are in Burnaby, Abbotsford and Langley.
One of the least expensive places to rent an unfurnished apartment is in the Surrey City Centre district. A one bedroom unit in the area rents for an average of $1,890 per month.
Another awe-inspiring fact about the Vancouver rental market is that it is the most expensive in the country. The top five cities in Canada are all located in the province of British Columbia. Among the metro cities, the most expensive place to live is in West Vancouver, followed by North Vancouver, Vancouver, Victoria and Coquitlam.
The best bang for the buck, however, is in Renfrew. A one-bedroom unit in this neighbourhood will cost you less than half of what it will in downtown Vancouver.
In terms of square footage, the most impressive thing is that a one-bedroom unit in the Vancouver downtown area costs as much as a three-bedroom unit in West Vancouver.
The most expensive neighbourhoods to rent an unfurnished unit in the Metro Vancouver area include West Vancouver, Fairview, Mount Pleasant and Shaughnessy. The most notable thing about these areas is that they are all part of the North Shore municipal district.
Most expensive neighbourhoods for furnished rentals in West Vancouver
Vancouver and its surrounding areas are a great place to live. The city has several rich neighbourhoods, with historic homes, upscale restaurants, and shopping to match. However, the cost of rent in the city can be a bit of a pain.
As the Bank of Canada continues to increase interest rates, the price of living in the city is expected to rise. This means it may be time to look for another city if you’re looking to get out of the city’s rental price tag.
On the bright side, the average rent in B.C. is actually lower than it was at the end of 2017. There are many reasons for this, including higher-than-average wages and lower-than-average interest rates.
A new study released by Liv. rent shows that the most expensive neighbourhoods in Vancouver have recently fallen in price. It’s worth examining the data to find out why.
For example, while the most expensive neighbourhood for a furnished one-bedroom unit was Quilchena, it was also the most expensive for square footage.
Other notable Vancouver neighborhoods include West Bay and Sandy Cove. These neighbourhoods are known for their rich culture and large properties.
Metro Vancouver is the costliest city in Canada to rent a one-bedroom unit. The average monthly rent there is $2,227. That’s down slightly from last month, but it’s still more than $300 higher than the next most expensive place.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.