Two Metro Vancouver cities top new list of most expensive rent in Canada
Though asking rental prices across Canada have dropped for several consecutive months, two Metro Vancouver cities remain atop the list of most expensive places to rent.
Zumper, a digital marketplace for renters and property managers, has released its latest rent report, which tracks asking rent prices on sites with apartment listings.
Vancouver comes in the top spot for the priciest one-bedroom rentals at $2,550 per month, holding steady from January. Two-bedroom rentals also saw no change month-over-month staying at $3,460.
However, Burnaby’s rent jumped up by 3%, outpacing Toronto to become the second most expensive rental market in the country.
Zumper
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Two other BC cities — Victoria and Kelowna — make the top 10 most expensive places to rent, though each saw a drop in rental price ranging from 1% to 1.9% month-over-month.
The Zumper Canadian Rent Index also indicated that rents across the country have dropped for four months in a row.
One-bedroom rent dipped 0.4% monthly to $1,856, and two-bedrooms are lower by 0.7% to $2,297. One and two-bedroom rents are also down 1.5% and 1.7% year-over-year, respectively.
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“Several factors are putting downward pressure on Canada’s rental market,” said Zumper in its report. “A surge in rental completions has significantly increased supply. The number of rental unit starts has nearly doubled since 2018, increasing due to various government incentives. This influx of new units has expanded options for renters, easing the historically tight market conditions.”
Are you seeing cheaper rental asking prices across Metro Vancouver? Are you having difficulty finding an affordable place to live? Let us know in the comments or contact us to share your story.