We're above average: Rent in Vancouver makes national record high look cheap
Yesterday, Daily Hive reported that the national average rent had surpassed a record-breaking $2,000, and in typical Vancouver fashion, the most expensive city in the country said hold my beer.
According to rentals.ca, the average rent in Canada reached $2,024, a new record.
Vancouver, never to be outdone, saw average rent reach $2,633, well past the national record high. The median rent in the city has fallen slightly but still leaves Vancouver as the most expensive in Canada under that metric.
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While Toronto is catching up to Vancouver when looking at major cities across the country, for a one-bedroom unit, Vancouver ($2,633) is still approximately $100 more expensive than Toronto ($2,532).
The gap widens when looking at two bedrooms, where in Vancouver the average rent is $3,598, versus Toronto at $3,347.
Burnaby ranks as the third most expensive city in the country for average rent, with a one-bedroom averaging $2,304 and two-bedrooms averaging $2,968.
Two other BC cities round out the top 11 when looking at rent for a one-bedroom unit, with Surrey ($1,895) further down the list at #16.
Rentals.ca
The average rent for a one- and two-bedroom in the province also falls below the average rent for Vancouver.
Rentals.ca
The story is largely the same when looking at median rent across Canada, according to Zumper’s latest report.
Median rent fell 1.20% month-over-month in Vancouver, but it’s still the most expensive in Canada at $2,470, followed by Toronto ($2,260) and Burnaby ($2,230).