Asking rent continues to decline in Vancouver, as rates have seen a decent drop since January of this year.
Rentals.ca put out their monthly rent report, which looks at asking rental rates across Canada.
In February, rent for a one-bedroom apartment in Vancouver fell by -1.1% month over month to $2,653 but increased by 0.5% year over year. Even two-bedroom apartments, which hit $3,541 in February, saw a decrease of -1.9% month over month and -2.5% year over year.
Just wait till you see how that compares to Edmonton rates.
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Despite the decrease, Vancouver still is the most expensive place to rent in Canada by a decent margin, with Toronto behind it.
Some other BC cities also saw drops.
In last month’s report, we noted that one BC city was closing in on Vancouver for the most expensive place to rent in Canada. That city was Burnaby, which has now fallen behind Toronto after a significant 3.7% drop month over month. It’s still at an even more significant 7.6% increase year over year.
Victoria was one of the few BC cities to see a tiny increase last month (0.7% month over month and 5.8% year over year). In February, the asking rent for a one-bedroom apartment in Victoria hit $2,116, and $2,743 for a two-bedroom unit.
In a comical yet tragic reality, you can actually rent two one-bedroom apartments in Edmonton for the price of one in Vancouver.
In Edmonton, the asking rent for a one-bedroom apartment hit $1,312 in February.
With that reality in mind, it’s no wonder so many British Columbians are considering a move to Alberta.
Rentals.ca
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