The Rental Market in West Vancouver is in flux, but there are some positive signs in the city. Average sales prices rose 11.4% over the past year, and mortgage rates are historically low. This is encouraging renters to buy and decreasing the rental market. The slowdown in the rental market has also prompted some landlords to sell their rental properties. The short-term rental market is expected to remain soft for some time to come, and it is becoming more difficult to find long-term tenants.
If you are looking for an affordable rental, you can choose from many unfurnished properties in West Vancouver. This city is located northwest of Vancouver and on the southeast shore of Howe Sound. It is a district municipality within the greater Vancouver metropolitan area. The city is primarily residential and does not have a manufacturing industry. However, the city is renowned for its wealth, and many movie stars and other high-profile people have settled here. Many of the homes are large and luxurious, and have breath-taking views of Vancouver Island.
However, some apartments may lack some amenities, such as fireplaces. If your unit does not have a fireplace, you may have to purchase one to keep yourself warm. You may also need to purchase additional furnishings for your Vancouver apartment. However, if you are not looking to spend a large amount of money on furniture, there are plenty of furnished apartments for rent in Vancouver.
Furnished 1 and 3 bedroom rentals
Vancouver is a world-renowned city located on Canada‘s west coast. As the nation’s most densely populated city, Vancouver is a cosmopolitan and diverse place to live. It is renowned for its thriving arts and culture scene, a rich history, and a high standard of living. It is also an ideal location for film productions and features beautiful water and mountain views. Renters and homeowners alike are attracted to the city because of the pleasant weather and high standard of living.
In addition to its convenient location, West Vancouver offers breathtaking views of the ocean. A day trip to nearby Cypress Mountain and Lighthouse Park is an excellent way to explore the surrounding nature. During the summer months, you can go cliff jumping or swimming at local beaches. There is even a par-3 golf course in the area.
Whether you’re looking for a one or three-bedroom apartment in West Vancouver, you’ll find a great deal of variety. You can choose an affordable, fully-furnished rental near essential places. And the best part? You won’t have to compromise your style or budget.
West Vancouver is a highly desirable neighbourhood located on the coast of the Burrard Inlet. This community is the perfect place to live if you’re a nature lover. The city’s transit system is excellent, and can get you to downtown in less than 30 minutes. Aside from a wide range of affordable rental options, West Vancouver is also home to numerous iconic landmarks, including Ambleside Park, Cypress Bowl, Horseshoe Bay, and the Cypress Provincial Park.
Prices relative to local incomes
Prices relative to local incomes in the West Vancouver rental market are higher than the broader Mainland region. The ratio between houses and condos in the city is 7.4 and 7.1, respectively, compared to an average of 5.2 and 6.7 in the Province of British Columbia. This disparity suggests that wealth plays a role in home purchase. It may also reflect a need to take out more debt to buy a home.
A recent study found that the average price of detached homes in West Vancouver was 17.2 times higher than the local incomes. In addition to the high price, it’s important to understand the local income levels of residents. West Vancouver has the second highest percentage of non-resident homes valued at $3 million, which is out of proportion to local incomes. The housing market in the region is a major hub for ferry services and serviced by West Vancouver Municipal Transit. It is also known for its stunning coves, beaches and parks. The area is also popular for filming.
Real estate analysts note that foreign buyers are a significant part of the market, although it’s difficult to track this information. Some experts estimate that 6.5 per cent of West Vancouver’s real estate is owned by foreigners. But it’s hard to determine if foreign buyers are really buying properties in the area because trusts, corporations and proxies can be set up to act as beneficial owners to circumvent tax regulations.
Immigrants bring huge amounts of wealth to the city, contributing to rising prices. As a result, their incomes are not tied to local labour market participation.
Impact of COVID-19
The impact of the COVID-19 pandemic on West Vancouver’s rental market is difficult to assess, but it is important to consider the possible consequences of the pandemic, particularly for those who rent properties. The widespread nature of the pandemic is likely to reduce demand for rental properties in the area, although the extent of the damage to property is less likely than that of the virus.
While the city is experiencing some temporary turbulence, the overall housing market is still strong. While the number of people moving to Vancouver from other parts of Canada has dropped, home sales and prices in the region are continuing to rise. However, luxury downtown condos are not faring as well as other categories. While interest rates have continued to fall, the impact on Vancouver’s housing market has been muted.
The housing market in West Vancouver has become a prime destination for move-up buyers. Generally, this area is made up of larger family-sized homes. Many of these properties have ocean views. As a result, prices remained steady as demand dictated. While the housing market remains tight, the number of new homes for sale has dropped dramatically. This trend is expected to continue into the new year. The average price for luxury properties in West Vancouver is around $4,500,000.
The effects of COVID-19 on the rental market have been disproportionately felt by renter households. Nearly half of the renter households are cost-burdened, meaning that they pay over 30 percent of their incomes in housing costs.
Impact of new business license requirements
While the new business license requirements for renting out commercial property are aimed at limiting vacancies, they also aim to provide more rental options for homeowners. This will allow for more long-term rental stock, but will take time to reach the entire housing stock. A recent report by the city of Vancouver showed that occupancy rates have decreased, and the number of vacant private dwellings has dropped to the lowest level since 2001.
In a recent case, a West Vancouver landlord was fined for operating a short-term rental without a business license. Although the city has not been able to verify its records of short-term rentals, the landlord, William Lan, was fined $550 by the District of West Vancouver. He had been operating a short-term rental without a business license since 2016, but he did not have one when the new bylaw came into effect.
The new rules were implemented in November 2018. The changes were aimed at boosting the rental market in West Vancouver by increasing the availability of units for rent. As a result, the rental market in West Vancouver has been booming and the district’s developers have seen an uptick in demand. While this has helped the economy, the city is now facing backlogs in home building applications. According to the District of West Vancouver’s office of development, the number of new building applications is expected to reach an unprecedented level in late 2021 and early 2022.
The new business license requirements have added a lot of rental homes to the market, but they will also drive down rents. This will also increase the vacancy rate. But in the long run, it is important to remember that Vancouver has been struggling with housing affordability for years, and this pushback against financialization is not going to solve the issue. However, it will help create a more balanced rental market in the city.
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.