What is Vancouver known for? Gorgeous ocean views, easy access to mountain hikes, and of course its sky-high housing prices.
Vancouverites pay the highest average monthly rent of any Canadian city, a new report from Rentals.ca suggests. The report gathered data from listings on the rental site, which may not capture all listings available in the city — it excludes Facebook Marketplace, Craigslist, and Kijiji.
According to Rentals.ca, Vancouverites pay $2,176 for a one-bedroom apartment on average, which is up 13% from the same time last year.
For a two bedroom apartment, Vancouver renters shell out $2,983 on average which is up nearly 10% from the same time last year.
Rent prices declined across Canada for 16 months during the COVID-19 pandemic, but for the last four months they’ve been getting more expensive again.
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In Vancouver, the price per square foot of condo declined through 2020 before sharply recovering in 2021. Vancouverites are now paying the same price per square foot they did in 2019.
“After a tumultuous 2020 and 2021, the rental market has posted an annual increase in average monthly rental rates for four months in a row, reinforcing the notion that the rental market is recovering from the sharp 2020 declines,” the Rentals.ca report reads.
Vancouver beat our other major Canadian cities for rental prices, including Toronto. The second-most expensive BC city to rent in was Victoria, where a one-bedroom costs $1,566 on average.