Average one-bedroom rent in Vancouver spikes to unthinkable levels

If you’re renting a place in Vancouver and you’re relatively happy with your rental rate, hold on to that spot because the average rent in the most expensive city to rent is out of control.

Out. Of. Control.

The numbers are from the rentals.ca July report, which analyzes asking rental rates from June.

According to rentals.ca, the average rent for a one-bedroom in Vancouver is now $2,945 monthly! That’s a 4.0% increase month-over-month and an 18.1% increase year-over-year.

Two-bedrooms are even worse, where the average rent has jumped to $3,863 per month, a 5.4% increase month-over-month and a 14.2% increase year-over-year.

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In Vancouver, if you were to tabulate how much a one-bedroom would cost you over a year, you’re looking at $35,340. And for a two-bedroom? It’s a whopping $46,356.

It’s not just Vancouver; another Metro Vancouver city has claimed a top-two spot.

Burnaby now has the dubious honour of being the second most expensive place to rent a one-bedroom in Canada.

A one-bedroom in Burnaby is now $2,578 per month. Burnaby saw the highest year-over-year increase for one-bedroom rent, a 27.2% spike.

Vancouver Island is much cheaper. You can rent a two-bedroom in Victoria now ($2,663) for less than a one-bedroom in Vancouver ($2,945).

Edmonton continues to be the cheapest major Canadian city to rent in, where a one-bedroom is $1,196 per month.

Nationally, the average asking rent in Canada hit a record high of $2,042 in June, surpassing a record of $2,024 set in November 2022.