Two BC cities not named Vancouver see year-over-year rent increases

According to Rentals.ca’s latest report, rent rates in two BC cities have increased more year over year than Vancouver’s.

Vancouver actually saw a pretty significant decrease year-over-year, as rent rates fell 7.5% compared to last June.

Burnaby, the second-most expensive place to rent in Canada ahead of Toronto, also saw a 1.4% year-over-year decrease.

The two BC cities that saw increases year-over-year and month-over-month are Kelowna and Victoria.

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Vancouver

Vancouver firmly held the top spot on the Canadian rent leaderboard in June. The average asking rent for a one-bedroom apartment in Vancouver was $2,724, a 2% month-over-month increase.

For a two-bedroom apartment, the average asking rent in Vancouver was $3,648 last month, a 0.5% month-over-month increase but a 5.6% decrease year-over-year.

Burnaby

Burnby is the second most expensive place to rent in Canada, according to Rentals.ca. The average asking rent for a one-bedroom apartment in Burnaby was $2,543, a 0.1% month-over-month decrease and a 1.4% year-over-year decrease.

The average asking rent for a two-bedroom apartment in Burnaby was $3,183 last month, a 0.9% decrease month-over-month and a 3.9% decrease year-over-year.

Victoria

Rentals.ca’s report says Victoria was Canada’s eighth most expensive major city to rent in last month.

The average asking rent for a one-bedroom apartment in Victoria was $2,178, up 0.4% month-over-month and up 5.2% year-over-year.

The average asking rent for a two-bedroom apartment in Victoria was $2,859 last month, a 0.5% increase month-over-month and a 7.4% increase year-over-year.

Kelowna

Kelowna is a relatively affordable place to rent compared to the other major BC cities covered by the report.

The average asking rent for a one-bedroom apartment in Kelowna was $2,034, up 2.4% month-over-month and up 5.3% year-over-year.

The average asking rent for a two-bedroom apartment in Kelowna was $2,477 last month, a 0.4% increase month-over-month and a 6.0% decrease year-over-year.

One of the biggest increases was seen in Edmonton, which saw a staggering year-over-year spike of 14.4%. Despite that, the average asking rent in Edmonton for a one-bedroom apartment was $1,368 last month. Jealous?