B.C. is home to the second most cities with highest rents in Canada
While asking rent in B.C.’s most expensive markets continues to decline, renters in the province are still paying some of the highest prices in the country.
Zumper, a digital marketplace for renters and property managers, has released its latest rent report, which tracks asking prices on sites with apartment listings.
Vancouver held on to the top spot as the city with the priciest one-bedroom rentals in Canada, with a median price of $2,450 per month in December. This is down by nearly six per cent compared to this time last year.
Its two-bedroom suites also dropped 5.7 per cent year-over-year to $3,300.
However, while B.C. is home to the top two most expensive rental markets in the country, another province has it beat for the most cities in the median rent prices ranking.
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Ontario holds the ranking for the province with the most spots in Zumper’s ranking of cities with priciest one- and two-bedroom rental apartments, with 10.
B.C. is second, being home to five cities in the ranking: Vancouver (first), Burnaby (second), Victoria (seventh), Kelowna (eighth), and Abbotsford (15th).
Alberta, Saskatchewan, and Quebec have two cities on the list, while Nova Scotia and Manitoba each have one.
December also marked the 14th straight month of annual declines in the national rent index.
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Another B.C. city beat out Vancouver for the distinction of the largest drop in asking rent for one-and two-bedroom apartments.
Victoria’s median price for one-bedroom suites dipped 7.2 per cent compared to last December, sitting at $1,950.
The Vancouver Island city’s drop in asking price for two-bedroom suites was even more pronounced, slipping 8.6 per cent year-over-year to $2,550.
Zumper
According to Zumper, Canada’s rental market is continuing its steady softening.
“The persistent cooling in rents points to a broad rebalancing after several years of intense price growth across major markets,” said Zumper in its report. “Seasonal patterns are also at play, as winter typically brings a slowdown in demand.
“Still, this year’s declines are layered on top of a longer-term cooling cycle driven by rising supply, shifting population flows, and economic uncertainty that is muting general renter demand.”
The full Canadian Rent Report can be read online.