A new report says Vancouver is the most expensive city in Canada for renters, along with achieving the highest year-over-year price increase.

The average rent in the city reached $2925 in April, an increase of 29.9 percent from the same period last year when it was $2331, according to Rentals.ca.

The report says: "The average rent rates in Vancouver remained relatively stable throughout the pandemic before seeing some big increases in recent months."

For a one-bedroom, the average price was $2280, up 13.9 percent from April 2021. The cost of a two-bedroom was $3,122, an annual increase of 16.6 percent.

Brooke Lawson, former rental data manager for British Columbia at Zonda Urban, shared her expectations with the platform.

She said prices will continue to rise, as there is no likelihood of supply catching up with demand. She said, "There is still a severe shortage of supply in the area," noting that about 2,500 purpose-built rental units are planned for next year."

Unfortunately, it will take several years of building apartments far above average to reduce the huge current supply shortfall in this market."

She added that the expected flow of immigration and the return of post-secondary students to universities and workers to offices are all factors that will increase competition for the relatively few available units.