Coquitlam rents now third highest among Canada’s mid-sized markets, says new report
Coquitlam rents are up, way up.
Its average rent increases were some of the highest in the country, according to a national rent report released by Rental.ca and Urbanation.
“Canadians have become accustomed to increasing rents after the pandemic,” noted Matt Danison, CEO of Rentals.ca Network.
“Record immigration with most newcomers renting, high interest rates keeping first-time home buyers on the sidelines, and inflation are all drivers of rising rents, increasing demand and low vacancy rates.”
Coquitlam’s average asking price for condos and apartments was $2,894 in April, the third highest in the country among mid-sized markets, and second in B.C., behind Burnaby.
Rents have increased 24.4 percent from April, 2022.
It’s the largest spike among its B.C. peer group, the sixth largest increase in the country for mid-sized markets, and more than double the national average of a 9.6 percent increase.
Langley rents went up an average of 23.4 percent and Burnaby rents went up 19.1 percent.
In response to the new report, Port Moody-Coquitlam MP Bonita Zarrillo blasted the federal government in the House of Commons on May 18.
She said seniors, single mothers and people with disabilities are being evicted as their long time rentals are replaced with luxury condos.
“I met a single mom whose rent went up 50 percent just so that she could stay in her community, after she was displaced by a for profit-developer,” Zarillo said. “This is unacceptable.
“What are the Liberals going to do to keep rents affordable? Because what they are doing now is not working.”
While B.C. rents had the lowest average annual increases at 5.6 percent, it has the highest average rents overall at $2,468.
Ontario saw average rent increases of 16.7 percent, followed by Alberta at 14.8 percent.
Vancouver remains the most expensive rental market in Canada with an average two-bedroom apartment costing $3,741 and an average one-bedroom costing $2,787 a month.
Vancouver recorded the third largest annual rent growth among large markets in the country at 16.8 percent, behind Calgary (22.9 percent) and Toronto (21.2 percent).
Since a pandemic low in April 2021, rents have increased 47 percent in Vancouver – the highest in Canada.
Over the last two years, rents across Canada have increased by 20 percent, or an average of $340 per month.
“Rents continued to face upward pressure across Canada during April, with the strongest growth felt in markets that see the highest levels of immigration,” said Shaun Hildebrand, president of Urbanation.
“Tenants that signed leases during the pandemic may be facing rent increases of 20 percent or more if they decide to move, causing reduced turnover that is exacerbating the low supply situation.”
Patrick Penner, Local Journalism Initiative Reporter, Tri-Cities Dispatch