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May is looking to be a huge month for Metro Vancouver’s average rental prices, as prices have reached sky-high levels as we head into the peak rental season. This month, the average rent for an unfurnished, one-bedroom unit across the region has risen as much as $108 to reach an all-time-high average of $2,016 per month. This month is also significant as most of the largest price increases once again came from Vancouver itself, as well as nearby communities like Burnaby, West Vancouver, and North Vancouver. We’ll dive into some more detailed statistics and potential reasons for these hugely significant shifts throughout this report.
