Surreal estate: A BC city is catching up to Vancouver for highest rent in Canada
A BC city is rising on the rent cost leaderboard, but surprisingly, Vancouver has seen a drop in average rates for four straight months.
Is this the real life? Is this just fantasy?
According to the latest rent report from Rentals.ca, which looks at November rates, compared to October, Vancouver has seen a drop of -0.2%, hitting an average rent of $2,866 for one-bedroom units.
While the change only amounts to $6 on average, we’ve seen consecutive drops since the Rentals.ca September report.
Year-over-year, there is still a 5.8% increase in average rent for a one-bedroom unit in Vancouver.
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One BC city continues to rise in the rental ranks and is now the second most expensive place to rent in Canada, edging out Toronto.
Burnaby has been bestowed that dubious honour. Last month, average rent hit $2,680, a 1.3% increase month-over-month, and 18% year-over-year.
Looking at two-bedroom units, Burnaby ($3,290) is still a fair bit cheaper than Vancouver ($3,834).
Other major BC cities have seen more minor changes. Victoria saw a 0.5% increase month-over-month for one-bedroom units, hitting $2,119.
Looking at Edmonton’s rates will make you weep. In the home of the Oilers, you could technically rent two two-bedroom apartments for less than one in Vancouver. The average rent for a two-bedroom unit in Edmonton is $1,605.
The national average rent for a one-bedroom apartment hit $2,125 in November, far less than Vancouver’s $2,866.
How much are you currently being charged for rent if you live in a major BC city like Vancouver? Let us know in the comments.