We’re number one: Vancouver rent prices jump 15% since last year

Apr 13 2022, 7:47 pm

Another month, another report from Zumper illustrating just how expensive it is to rent in Vancouver versus the rest of Canada.

In not-so-shocking news, Vancouver is still the most expensive place to rent in the country for both one- and two-bedroom units.

Month over month, the median one-bedroom rent in Vancouver stayed flat in March compared to February ($2,190), while two bedrooms decreased ever so slightly month over month, down 1% ($2,990). That means that a one-bedroom in Vancouver is up 15.30% year over year, while two bedrooms are up 15%.

vancouver rent

Zumper

Victoria moved up the charts, becoming the third most expensive place in Canada for a one-bedroom at a median rent of $1,770. Kelowna dropped one spot, and it’s now $1,710 for a one-bedroom.

After Abbotsford saw the biggest drop in BC in February, going down 3.6% for a one-bedroom to a median rent of $1,340, a one-bedroom is now slightly more at $1,350, having increased by 0.70%. The median rent for a two-bedroom in Abbotsford is $1,920 which is up 4.90%, but that’s still cheaper than the median rent for a one-bedroom in Vancouver.

With a median rent of $1,920, Toronto is still the second most expensive place to rent a one-bedroom in Canada. A two-bedroom in Toronto is roughly $550 cheaper than a two-bedroom in Vancouver, with a median rent of $2,450.

A two-bedroom in Calgary for a median rent of $1,390 makes Vancouver’s rental costs look comical in comparison. Meanwhile, the median rent for a two-bedroom in Edmonton is $1,230, and the median rent for a one-bedroom is $940.

Looking at BC as a whole, housing prices are also on the rise. The latest report from the BC Real Estate Association shows that the average BC home price reached nearly $1.1 million last month, which is up 15.7% compared to the previous month. If homeowners are paying more for property on average, that might mean that they’re charging more for rent.

Zumper analyzes hundreds of thousands of listings to compile data on rental rates across Canada, and you can find their latest report here.

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