Canada’s Housing Crisis Spawns Rental Scams; Operators Must Embrace Property Technology or Lose Tenants

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Today's Rental Market Problems: High Inflation, High Cost of Living

I'm sure we've all seen the headlines. Vancouver dubbed priciest Canadian city to rent in. It costs over $43,000 a year to rent a two-bedroom apartment in Vancouver. How Canadian rental prices have spiraled out of control! Renters are making sacrifices to pay for rent and Vancouver will only keep getting more expensive in 2023. So this is the reality, right? Vancouver witnessed the largest increase in rental prices during 2022 compared to all other major Canadian cities. An unfurnished, one bedroom went from $1,896 to $2,349 - that's unfurnished.

So, that's crazy! And this is due to a variety of factors, including: increase in immigration, internal migration and rising interest rates, which have pushed landlords to increase rental rates to cover their mortgage payments. And finally, decreasing vacancy rates have played a major role in this increase.

And while interest rates have stayed stable since January, rent prices are predicted to continue to reach record high levels in 2023 due to the increase in