Vancouver tops Canada-wide list on housing rental costs
A 1 bedroom unit in Vancouver costs an average of $2,000 to rent per month, according to a rental-listings website
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Vancouver renters looking for a one-bedroom unit have to fork over almost $2,000 every month on average, according to January 2017 data from PadMapper, a rental-listings website.
The second-most expensive city for renters was Toronto, where people can rent a one-bedroom for almost $300 less per month. But that city is experiencing a sharp increase in rental prices, with averages going up by 5 per cent in just one month.
An average one-bedroom rental in Vancouver in January 2017 cost $1,900, a 1.6 per cent increase from the previous month, according to the PadMapper report. That price point is the highest it has ever been in the country since June 2016, when PadMapper first started analyzing rental data.
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But people willing to live an hour outside Vancouver can pay half the amount. It’s $800 to rent an average one-bedroom unit in Abbotsford, according to PadMapper.
But there is some good news for Vancouver renters, because the market for two-bedroom units cooled slightly with units going for a monthly average of $3,130, down 0.6 per cent from January.
Meanwhile, Victoria came in third place with a one-bedroom going for $1,290 a month.
Notable jumps in rent include both one and two-bedroom units in Kelowna, where rates went up by 4 per cent and 5 per cent, respectively.
PadMapper compiles rental listings from across Canada every month, including about 1,000 listings from Vancouver alone to create its rental reports.