Vancouver maintains its spot atop the rental leaderboard as the city with the highest average asking rent for a one-bedroom in Canada, while another BC city continues to challenge Vancouver for the top spot.
Rentals.ca has released its latest rental report, which looks at average asking rents nationwide. Vancouver and Burnaby took the top two spots in July.
The average asking rent for a one-bedroom unit in both cities increased compared to June, with Vancouver’s rising by 1.3% to $2,761 and Burnaby’s rising by 0.9% to $2,566.
“Asking rents for apartments in Vancouver continued to trend upwards for the third straight month,” Rentals.ca states.
Year-over-year data from Rentals.ca paints a slightly better picture, as Vancouver saw an 8.4% drop in rent for a one-bedroom unit compared to last year. Victoria also snuck into the top 10: its one-bedroom unit price increased by 0.5% compared to June, reaching $2,189.
To illustrate the disparity between Vancouver and other cities in Canada, a one-bedroom apartment essentially costs twice as much in Vancouver versus Edmonton, where the average asking rent for a one-bedroom unit was $1,389 in July.
Montreal is also way more affordable than Vancouver, according to Rentals.ca. The average asking rent for a one-bedroom unit in Montreal hit $1,756 in July.
The disparity grows when looking at two-bedroom apartments.
In July, the cost to rent a two-bedroom unit in Vancouver reached $3,666, a 0.5% increase compared to June. Burnaby remained flat, with the average asking rent for a two-bedroom unit at $3,184. The cost of a two-bedroom unit in Victoria ($2,797) is nearly on par with the cost of a one-bedroom unit in Vancouver ($2,761).
In Calgary, the average two-bedroom unit was $2,157 in July.
Rentals.ca says that rents across the country saw the fastest month-over-month increase in 2024 to date.
“Average asking rents grew by 0.8% from June, which represents a reversal of the previous month’s decline of 0.8%. As we approach the end of the summer season, this increase is a return to average market rents hovering just above $2,200,” the report states.
Rentals.ca