BC city closing in on Vancouver for most expensive place to rent in Canada

Vancouver has done it again, topping the Canadian leaderboard for how much it costs to rent a one or two-bedroom apartment, but one BC city is closing in on the top spot.

This is even though year-over-year, Vancouver saw an almost 2% decrease in rent and a 0.6% decrease month-over-month.

The BC city nipping at the heels of the Vancouver rent streak is Burnaby, according to Rentals.ca.

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In January, the average rental asking price for a one-bedroom apartment in Vancouver was $2,683; in Burnaby, it was $2,551.

Burnaby is even more expensive than Toronto ($2,511) for a one-bedroom apartment.

For a two-bedroom in Vancouver, which has dropped 1.4% month-over-month and 0.4% year-over-year, the average asking price reached $3,610 in January. The asking price for a two-bedroom apartment in Burnaby is slightly lower ($3,138.) So, Burnaby still seems like a better option if you need more space.

Victoria also saw rents climb slightly, reaching $2,101 for a one-bedroom apartment in January. Two bedrooms are much more affordable in Victoria. The average asking price for a two-bedroom apartment was $2,714 in January.

Across Canada, Rentals.ca says the national average reached a new record in January, with a 10% annual increase to $2,196.

Rentals.ca

Zumper also released its monthly report on median rent across Metro Vancouver, where Vancouver also ranks atop the rest of Canada, with one-bedroom median rent reaching $2,700. Burnaby ($2,440) appears third on Zumper’s list, behind Toronto ($2,450).