Vancouver has had a consistent run at the top of the country when looking at average asking rent, and that run continues.
According to the most recent report from Rentals.ca, Vancouver is still the country’s most expensive place to rent.
In May, the average asking rent for a one-bedroom unit in Vancouver reached $2,671, a 0.9% increase compared to April. Year-over-year, that’s down 5.6%, but it’s still twice as much as a one-bedroom unit in Edmonton ($1,367).
It’s also well above the national average, which hit a record high of $2,202 for a one-bedroom unit in May.
Another Metro Vancouver city is close behind, nipping at Vancouver’s heels. The average rent for a one-bedroom unit in Burnaby reached $2,545 in May.
The average asking rent for two-bedroom units in Vancouver reached $3,628 in May, a 0.6% month-over-month increase but a -1% decrease compared to last year. That’s around $2,000 more than a two-bedroom unit in Edmonton ($1,690).
Nowhere else in Canada comes close to the average asking rent for a two-bedroom unit in Vancouver. You can find two bedrooms in both Toronto and Burnaby for about $400 less, according to Rentals.ca.
“Asking rents rose 9.3% annually in May, maintaining the same annual growth rate as April and consistent with average annual growth of 9.1% during the past three years,” the report says.
BC is also at the top when compared to other provinces, with Ontario being closely behind.
Rentals.ca
With the exception of a dip during the pandemic, rents have been steadily increasing across the country over the last five years.
Rentals.ca
“Asking rents for apartments in Vancouver and Toronto continued to decline on an annual basis in May, but by a lesser amount than in April,” the Rentals.ca report states.
Despite the disparity in prices between Vancouver and Edmonton, Rentals.ca says that rent growth in the home of the Oilers is increasing.