If you thought that the Vancouver rental market was crazy then check this out. An ad featuring a $600 den, with no closet, no window, no carpet is for rent downtown Vancouver for a crazy amount of money. Here is the official ad that was posted in the Vancouver area:
I am renting my unfurnished den. starting now or April 1st everything included (hydro, internet, heat…)
Great location 1 block away from Granville and Robson streets.
We gonna be sharing the living room, kitchen and bathroom
Big Screen TV
WASHER AND DRYER
Fully equipped gym (free weights, weight system, stationary bikes, row machine, treadmill, etc.)
Full time concierge
Email for pictures or if you have any questions
The City of Vancouver has spent a lot of time and money steering developers into creating more rental suites to ease the demand. Right now the vacancy rate for rental properties in Vancouver hovers between 0.1-1.5%. This vacancy rate is how people can ask so much for so little.
If you are considering moving downtown or anywhere else in the GVRD then maybe it's time to start thinking about ownership. A lot of new developers are creating incentives to get you in the door that well make up for the high mortgages and can get you on your way to equity, freedom and in the market!
If the time is right, stop wasting your money on rent and start paying off your own mortgage. And as always, don't hesitate to contact me with any questions.