Vancouver is still Canada’s most expensive city to rent in, but prices here are doing something different than the country’s other major cities.
Vancouver is the only city in the top ten most expensive that saw a decrease in rent prices year-over-year, according to Zumper’s Canadian Rent Report for June.
While rents for one- and two-bedroom units are up 5% on average across the country, rents for one-bedroom units in Vancouver fell 1.9% to $2,650 from this time last year.
Zumper/Submitted
“No other market in the top 10 saw annual rates for one-bedrooms in the negatives besides Vancouver,” the report said.
Two-bedroom prices are still on the rise, though, inflating 1.3% to $3,800.
Cities that were relatively cheap for renters several years ago are seeing the largest growth rates. Rents in Edmonton jumped 20% in just one year, and landlords in Winnipeg are asking 19% more than they were last year.
Zumper pointed to strong immigration and low rental vacancy as signs that rents will continue to increase across the country in the coming months.