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Chy Square is an app that helps you find the best and coolest home and neighbourhood. This report includes the average price of a studio, 1 bedroom and 2 bedroom condos, apartments and homes in Vancouver.
|Type||June 2020||July 2020|
|Vancouver (studio)||$1,623||$1,593 (-1.85%)|
|Downtown (studio)||$1,833||$1,758 (-4.09%)|
|Vancouver (1bd)||$1,680||$1,736 (3.33%)|
|Downtown (1bd)||$2,149||$2,107 (-1.95%)|
|Vancouver (2bd)||$2,135||$2,028 (-5.01%)|
|Downtown (2bd)||$3,197||$3,110 (-2.72%)|
Except for one-bedroom homes in the Greater Vancouver Area, downward trends in Vancouver's rental market had been continued during July 2020. The average rent of studios in Greater Vancouver Area was $1,593, which was decreased by 1.85% compared to June 2020. In case of one-bedroom, it was slightly higher ($1,736), but it is too early to say that the rental market is getting recovered, given the average rent of other types. The average of two-bedrooms dropped 5.01% ($2,028).
Downtown Vancouver was not exceptional, even if there has always existed strong demand for new residential units. During July 2020, landlords asked around $1,758 for their studios. It was 4.09% lower than last month. The average of one-bedrooms and two-bedrooms was $2,107 (-1.95%) and $3,110 (-2.72%) respectively.
While Vancouver home sales were as hot as other cities in Canada and the United States, the rental market has been calmed down so far compared to last year, but the expansion of Vancouver's rental market is expected given the decreasing unemployment rate and BC's restart plans.