Vancouver Rents Soar! Thanks NDP!

The BC NDP just announced the annual rental increase landlords can charge for 2023 and they are using that funny NDP math again! Instead of allowing a 5.4% (Properly calculated CPI) increase they announced a 2% allowable rent increase for 2023.
In this video I will unravel all the dynamics and moving parts involved in this announcement. People who think landlords like myself and the hundreds of investor clients I have represented over the past few decades will be exiting the market.. think again. Vancouver rental rates have soared over the past 3 years to record highs. To give you an example a typical 600 sqft 1 bedroom in Downtown Vancouver that was renting for $2100 in Jan 2020 has now risen to $2600-$2700+ per month. In some cases I’m seeing $2900 a month.
These games that the NDP are playing with allowable rent increases, 2 year freeze in 2020-2021, 1.5% for 2022 now a 2% for 2023 is the final nail in the coffin on any purpose built rentals being built moving forward. Add in 40,000 new arrivals to the city, contract workers and students back in the rental market now that Covid is over and you are looking at a world of hurt for anyone planning on becoming a long term renter in this city.
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OWEN BIGLAND
MACDONALD REALTY WESTMAR
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2018 - 2021 Medallion Club Member. Top 5% of Greater Vancouver Realtors
2018 - 2021 Macdonald Realty Westmar - Top Producer in Annual Sales
2017 - 2021 Macdonald Realty Westmar - Outstanding Performance & Achievement in Real Estate Sales
VANCOUVER BC HOMES & CONDOS
GREATER VANCOUVER BC REAL ESTATE FOR SALE
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