Two BC cities ranked among the top three most expensive cities to rent in Canada
Surprise? According to the latest national rent report from Rentals.ca, Vancouver topped the list as the most expensive Canadian city to rent a one- and two-bedroom apartment in May.
However, not far behind was Burnaby, which placed third just after Toronto.
According to the report, the rent for a one-bedroom in Vancouver has risen 1.6% month-over-month and 16% year-over-year.
Burnaby had a similar increase, as a one-bedroom in the city rose 1.5% month-over-month and a staggering 18% year-over-year.
The average rent costs in Vancouver for a one-bedroom costs about $2,831 and $3,666 for a two-bedroom.
In Burnaby, a one-bedroom, on average, costs $2,366 and $3,304 for a two-bedroom.
While Vancouver renting a two-bedroom has decreased 2.0% month-over-month and 8.7% year-over-year, in Burnaby, it’s risen 2.3% month-over-month and 21.8% year-over-year.
Apart from Burnaby, some of Canada’s most expensive mid-sized markets to rent a condominium included two other suburbs of Metro Vancouver: Coquitlam and Richmond.
Meanwhile, the report added the other noteworthy thing to come out of BC last month was that in Vancouver, roommate rents were well above $1,000 in May, averaging $1,433.
“As Canada’s rental market has become increasingly more expensive, the demand for roommate rentals has grown quickly, pushing up rents for this type of accommodation,” the report reads.
“In British Columbia, the average roommate rental was priced at $1,133 in May, up 18% from a year ago.”
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