Vancouver continues to be the most expensive market to rent an apartment in Canada, as the cost of both one- and two-bedroom places has climbed yet again.
In April, the median cost for a one-bedroom in Vancouver went up 0.5% reaching $2,200, while the cost of a two-bedroom has increased 5%, hitting $3,140.
Year over year, the median rent for a one-bedroom in Vancouver has gone up 14%, while a two-bedroom has increased by a whopping 17.6%.
The data is from the latest Zumper rental report.
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Month over month, the median rent for one-bedrooms went up by $10, and two-bedrooms increased by $150 compared to March of this year.
Sticking to the number two spot was Toronto, where the median rent for a one-bedroom is $1,990, and a two-bedroom, while still expensive, is much cheaper than Vancouver at $2,550.
Climbing up the charts is Victoria, where the median rent for a one-bedroom is now $1,830, with the median rent for a two-bedroom reaching $2,550, representing a 3.40% and 4.80% increase month over month respectively.
Kelowna is the fourth most expensive place to rent in Canada, where a one-bedroom is $1,800, and a two-bedroom is $2,200.
It seems like every BC city saw a spike, as even Abbotsford saw a fairly significant increase to the median rent of a one-bedroom which now sits at $1,420, representing a 5.20% increase in April over March.
Edmonton and Calgary aren’t even in the top 10 for the most expensive locations in Canada and remain as attractive as ever for anyone thinking about leaving BC. The median rent for a one-bedroom in Calgary is $1,230 with a two-bedroom at $1,460.
Meanwhile, in Edmonton, the median rent for a one-bedroom is $940, and a two-bedroom is $1,200. You could realistically rent two two-bedroom apartments in Edmonton for less than the cost of one in Vancouver.
Have you been looking for a place to rent in Vancouver? Let us know about your experience in the comments.