Canada’s third-largest city has the country’s highest average monthly rent for a two-bedroom home, according to a new report.
According to Rentals.ca and Bullpen Research & Consulting, Vancouver has the highest average monthly rent for a two-bedroom home ($2,915), and the fourth highest for one-bedrooms ($1,828). Average rental rates for both condos ($2,977 to $2,649) and rental apartments ($2,199 to $2,098) were higher in Vancouver than Toronto in April, as well.
BC also had the third highest monthly average rent ($1,682) for all property types for 10 provinces listed, behind Ontario and Northwest Territories.
Finally, the average monthly asking rent in BC for all property types was an increase of 4.4% month-over-month, the second highest monthly growth among the provinces in April (Manitoba: 5.1%).
Across the country, the report found that the average property listed on Rentals.ca was offered for rent at $1,844 per month in April.
This figure, it noted, is a decrease of 1.1% month-over-month. The median asking rent of $1,700 per month is 2.9% lower than March ($1,750).
In April, there were 14,697 new housing completions in Canada, the highest total of the year, adding new rental supply and likely contributing to the cooler rental rates, the report said.
However, it also noted that the general consensus among economists is that there will be no mortgage rate increase in 2019.
This prospect “may spur some tenants to jump into the ownership housing market, freeing up units for other prospective tenants and easing upward rent inflation pressures,” the report said.
Other takeaways from the April national rent report include:
The report also found that studio units were the only suite type to see a monthly increase in average rents in April, rising from $1,232 per month to $1,234 per month. One-bedroom rents declined by 1.8% monthly to $1,662 per month in April from $1,693 per month in March. Two-bedroom units declined by 1.3% monthly.
The National Rent Report charts and analyzes national, provincial and municipal monthly rental rates and market trends across all listings on Rentals.ca for Canada.
The Rentals.ca numbers show vacated properties that better reflect current values. The figures better represent the actual rents a potential tenant would encounter when seeking to rent an apartment.