The city still records the highest rents in Canada for a two-bedroom apartment.
A recent report found Vancouver has the second-highest average rents in all of Canada for one-bedroom apartments and the highest two-bedroom rentals. However, the market is showing a continuous downward trend in apartment rents in the city.
The report by Padmapper.ca analyzed rental data from hundreds of thousands of active listings across the country. From there, lists are compiled each month to calculate average rents required for the 24 most populous metropolitan areas.
At the start of its report, Padmapper.ca noted that the two most expensive markets in the country, Toronto and Vancouver, had another month of decline. However, Toronto still has the highest rent for a one-bedroom apartment in Canada, at $ 2,070 for September. It also has the second-highest rent for two bedrooms, which is $ 2,630.
Since this time last year, both one and two bedroom rentals in Vancouver have decreased 9.1% and 14.1%, respectively.
This month, Vancouver has also seen a downward trend, with one-bedroom prices down 2.9% from the previous month to $ 2,000 in July. The city still has Canada’s highest rent for a two-bedroom apartment, with a staggering $ 2,750 for July, down 1.8% from the previous month.
Overall, 12 cities were on an upward trajectory last month, 9 of them are down, and 3 remain flat.
“The rest of Canada appears to be recovering steadily from the sudden halt in rental demand during the pandemic as half of the cities saw rental growth on a monthly basis in this report,” Padmapper says. As Canada continues to reopen, the desire to move away from the more expensive cities is. Became clearer. “
Burnaby is Canada’s third most expensive city for renters. British Columbia has had a fairly steady month as the one-bedroom rent drops 0.6% to $ 1,700, while the two-bedroom price drops 0.4% to $ 2,290.
Victoria increased its one-bedroom rental rates to become the fourth most expensive market in the country. The one-bedroom rent increased 1.3% to $ 1,610, while the two bedrooms remained steady at $ 1,990.
The report is based on all data available in the month prior to publication. Any data reported does not include short-term or Airbnb listings.