Vancouver keeps its title as Canada’s most expensive city to rent: report

Vancouver rental market

Followed carefully by Victoria, Vancouver also led the country in hire boosts for condos and residences over the earlier yr, according to a new position

Renters in B.C. and throughout the country, we wish we experienced better news for you.

For Canadian qualities listed on in February, the ordinary monthly rent was $1,820, according to the latest Nationwide Lease Report from and Toronto-based Bullpen Investigation & Consulting. That’s a 6.2-p.c improve from the prior February.

To set matters in context, the ordinary nationwide lease on peaked at $1,954 a thirty day period in August 2019. In the wake of the COVID-19 pandemic, that selection fell to $1,676 early previous yr before climbing back again over $1,800 in 2022.

“The rental market total in Canada continues to craze upward in the put up-vaccine pandemic time period, with ongoing energy in the market for greater suites,” Ben Myers, president of Bullpen Consulting, mentioned in a launch. “Growth in average rents for just one-bedroom units lags other bed room forms, with two-, three- and four-bed room units exceeding February 2020 pre-COVID-19 lease levels last month. British Columbia, specifically Vancouver, and downtown Toronto are leading the sector recovery, pushing rents up nationally.”

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Vancouver remains the most costly of the 35 cities ranked in the report, with February’s ordinary month to month rent clocking in at $2,239 for a one-bedroom and $3,050 for a two-bed room. Which is a attain of 14.7 percent and 17.6 percent yr-more than-calendar year, respectively.

Toronto took 2nd all round, thanks to normal rents of $2,044 for a 1-bedroom and $2,778 for a two-bed room. 12 months-over-calendar year, respectively, rents in Canada’s major metropolis climbed 12.7 percent and 15.1 per cent.

Canadian rental market

Credit: and Bullpen Exploration & Consulting

How did other B.C. cities fare?

Burnaby ranked No. 3, proclaiming 3rd position for a one-bed room ($1,979) and sixth place for a two-bedroom ($2,398). Its calendar year-more than-12 months regular rent gains: 16.8 per cent and 7.6 percent.

In Victoria, which positioned 14th, the ordinary 1-bedroom hire stood at $1,661 in February. The provincial cash took 3rd in the two-bed room group, with $2,667. Month-around-month, rents in Victoria jumped 7.8 percent and 5.3 p.c, respectively, for a 1- and two-bedroom.

Surrey finished at No. 19, on the energy of $1,463 ordinary rent for a a single-bedroom. B.C.’s second-premier town also commanded an regular of $1,931 for a two-bed room. Year-more than-year, all those fees rose 4 percent and 13.1 p.c, respectively. Even so, Surrey saw a thirty day period-over-month drop of 3.4 % and 4.3 % for one particular- and two-bed room units.

At $2,661, Vancouver had the best ordinary month to month rents for condos and apartments in February. Rents in that classification surged 23 % year-more than-year—the greatest obtain amongst all 35 towns. With a leap of 22 per cent, to $2,106 a thirty day period, Victoria concluded a near next.