Canada’s top five most expensive cities for rental apartments are all in one province
Rent’s so high in Vancouver that even adjacent cities are starting to become the most expensive in the country.
According to the latest rent report from liv.rent, the average monthly rental price for a one-bedroom, unfurnished unit in Metro Vancouver is $2,251.
“Although all of Metro Vancouver saw an overall drop for both furnished and unfurnished one-bedroom units, The City of Vancouver itself saw an increase,” said liv.rent.
“This is on par with what we see for Toronto, Montreal, Calgary and Edmonton as rental prices continue to increase across Canada for the core cities.”
Since February 2022, rent in Metro Vancouver for unfurnished one-bedroom units has increased 22.34% – or gone up by $411 on average.
Here’s a look at rental prices in the different Metro Vancouver municipalities for February 2023:
Currently, Vancouver isn’t technically the most expensive city to rent in; West Vancouver takes the cake, where the average rent for a one-bedroom unfurnished unit is $2,533.
Also on the list of the most expensive cities in Canada are North Vancouver, Burnaby, and Richmond.
According to the Canadian Mortgage Housing Corporation, the national demand for rental housing is so high because of a few possible reasons, including increased immigration, students’ demand for rental units as they return to campus, and high homeownership costs.
Couple that with Vancouver’s high desirability and low vacancy, and you have a perfect storm for sky-high rental prices.
You can read liv.rent’s full rent report online.