The rental price gap between Vancouver and other Canadian cities is growing
Since approximately a year into the COVID-19 pandemic, Vancouver has been the most expensive city for renters in Canada. Now, in 2023, we can see that the gap is not only still around, but it’s growing.
According to the latest rent report from liv.rent, the rental price gap between Metro Vancouver and other major Canadian cities continues to increase.
In July 2022, the gap between Vancouver and Toronto for an unfurnished one-bedroom apartment was approximately $70 on average. This year, the gap is more like $113 on average.
“As of July, Metro Vancouver’s average rental rates have risen by quite a bit following the Bank of Canada’s latest increase to the target overnight rate,” said liv.rent.
Rising rents in the last six months in Metro Vancouver | liv.rent
“Combined with significantly increased demand for rental housing, it’s beginning to look like this summer could continue to set new benchmarks for average rental rates in BC – especially as students start to return towards the end of the busy renting season.”
According to liv.rent’s latest data, the average rent for an unfurnished one-bedroom unit in the City of Vancouver is $2,691 in July. In comparison, a one-bedroom unit in Toronto is renting for $2,455 on average.
In Vancouver, two-bedroom units are going for $3,727 on average, while three-bedroom units command around $4,863 on average.
It might seem normal by now to Vancouverites who have been paying sky-high prices, but there appears to be no relief in sight, and these rental prices make it difficult for many to get by. For example, in BC, to qualify for the Rental Assitance Program from BC Housing, your household must earn less than $40,000 per year. But if you were to rent a one-bedroom apartment (at $2,691 on average) by the end of the year, you’d have spent $32,292 on rent.
It’s not just Vancouver that’s expensive. Nearby municipalities also top the list of Canada’s most expensive cities for renters.
How much are you paying for rent in the city?
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