Vancouver rentals are still the most expensive in Canada

Jul 21 2016, 5:59 pm

Surprise, surprise…Vancouver has the most expensive rentals in Canada, according to apartment hunting website PadMapper.

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According to PadMapper’s July report on Canadian rentals, the median rent for a one-bedroom place in Vancouver is now $1,740, up 2.4% from May.

Meanwhile, the median rent for a two-bedroom place is down 1.1%, now standing at $2,750.

By comparison, the median rent for a two-bedroom home in Toronto, which PadMapper found to have the second most expensive rentals in Canada, is $1,720.

That does not even cover the cost of an one-bedroom apartment in Vancouver.

Supply vs demand

Of course, there’s the age-old rule of supply and demand, and with rental availability rates of only 0.6%, among the lowest in Canada, it’s no surprise rents are skyrocketing.

So why is Vancouver’s long-term rental stock so low? The City of Vancouver believes it may be at least in part down to the prevalence of short-term rentals like Airbnb.

Under current legislation short-term rentals – which are defined as anything less than 30 days per tenancy – are only allowed in licensed hotels and bed and breakfasts in Vancouver.

But according to the City, there are more than 5,000 short-term rentals listed across 12 different websites in Vancouver, most of which are whole houses and apartments.

While it has hired a third-party consulting firm to investigate, the City also wants to know what you think about short-term rentals and how they should be regulated.

To take the City’s survey, head to

And maybe, just maybe, you’ll one day be able to find an apartment that doesn’t break the bank. Maybe.

Top 5 most expensive rental markets in Canada

  1. Vancouver: one-bedroom $1,740, two-bedroom $2,750
  2. Toronto: one-bedroom $1,350, two-bedroom $$1,720
  3. Calgary: one-bedroom $1,110, two-bedroom $1,340
  4. Victoria: one-bedroom $1,075, two-bedroom $1,370
  5. Ottawa: one-bedroom $1,040, two-bedroom $1,280
DH Vancouver StaffDH Vancouver Staff

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