The survey shows new supply will be coming in for Metro Vancouver with 8,000 new units on their way.
The added supply may assist in creating a more dense Metro Vancouver, stated Bond. He said it’s welcome news with condos becoming more and more occupied with average rental prices roughly hitting $1,964.
In the 2016 census, data stated that one third of Vancouverites put 30 per cent of their income towards rent.
Bond said more rentals need to reflect the diversity of incomes between British Columbians.
“It is a challenge, no question,” he said.
“It’s one that all three levels of government are certainly keen to address. Part of that is increasing diversity of rental stocks that are offered and expanding it as well so that there are more choices and ultimately more competition among rental buildings for tenants.”