are set to surge as low supply and high demand create a “rent increase tsunami,” according to one local realtor.
David Goodman of HQ Commercial told CBC News that rents are increasing by 10 to 20 per cent every time there is a suite turnover. This is against the backdrop of a vacancy rate of just 0.5 per cent.
"The pot has been boiling for many, many years and I think it's coming to a head right now because of the heightened demand for rentals." Goodman told ‘On the Coast’
He said that although he understands why the city does not want to displace vulnerable tenants from older housing stock, the tight rental market could be eased by tearing down old buildings.
Goodman says that some of the old 16-unit buildings in Vancouver
could be replaced with new developments of 80 homes.
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