Vancouver still the most expensive Canadian city as median rent hits new high
A four-month rent trend continues, with Vancouver seeing yet another record high.
Vancouver, still the most expensive city to rent in Canada, reached a new high of $2,500 for the median rent for a one-bedroom, which marks a 4.20% month-over-month increase and a 19% year-over-year increase.
In July, the median rent for a one-bedroom in Vancouver hit $2,400 per month, which was a record.
Zumper outlined the findings in its latest rental report, which includes data for all available or vacant homes in August.
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For a two-bedroom apartment in Vancouver, the median rent hit $3,630, up from $3,440 last month. This marks a 25.60% year-over-year increase and a 5.50% increase month-over-month. For a while, it seemed like Toronto would eclipse Vancouver regarding median rent for a one-bedroom, but the opposite is happening.
Toronto is seeing median rent rates decline, dipping below $2,000 per month ($1,980) for the first time in a long while.
That is all to say that Toronto is the second most expensive market in Canada regarding median rent for a one-bedroom apartment.
Among the top five are three other BC cities; Victoria, Burnaby, and Kelowna. The median rent for one-bedrooms saw a slight decline in Victoria, but the Vancouver Island city saw the median rent settle at $1,970 last month, a -1% change month-over-month but an 18% increase year-over-year.
Ready for a laugh?
The median rent for a one-bedroom in Edmonton hit $1,000 last month, and $1,270 for a two-bedroom apartment. So you could practically rent three two-bedroom apartments for the price of one in Vancouver.
Median and average rent are two very different metrics. Median means that half of the available units are above and half of the units are below the respective one and two-bedroom rates listed in Zumper’s analysis. Zumper looks at asking prices for rentals across big cities.
“For our monthly rent reports, we aggregate data from over one million active listings to calculate median asking rents for the top 100 cities by population and nearly 300 additional cities within major metro areas.”