Vancouver residents pay the highest rents in the country and the rest of British Columbia isn’t far behind according to a monthly rent report from Rentals.ca and Bullpen Research & Consulting.
The average rent price in September for a one-bedroom in Vancouver clocked in at $2,155 and the average price for a two-bedroom was an eye-popping $2,932. Those prices may come as a shock to some, but the average rent British Columbians paid in September was $2,108 per month, a 7.2 per cent increase since last quarter.
Other B.C. cities including Burnaby, Victoria and Surrey were ranked in the top 20 most-expensive municipalities. Burnaby ranked fourth for average monthly rent in September for a one-bedroom home at $1,833 and for average monthly rent for a two-bedroom at $2,366. Victoria came in at number nine, averaging $1,715 for a one-bedroom and $2,614 for a two-bedroom. Surrey ranked 14th with an average $1,623 for a one-bedroom and $1,873 for a two-bedroom.
Ontario held a close second, with the average rent coming in at $2,044. Toronto was also the second-highest ranked city at $1,938 for a one-bedroom and $2,628 for a two-bedroom. Canada’s most affordable city is Saskatoon, coming in at just $900 for a one-bedroom and $1,059 for a two-bedroom.
Average rental costs for Canadians now sit at $1,769, which is still 9.5 per cent lower than the September 2019 average of $1,954.
September was the fifth consecutive month where average rents have risen across the country since April’s low of $1,675.
“September marked the first time this year that the average rent in Canada wasn’t cheaper than last year, as rental rates continue their upward trend,” CEO of Bullpen Research Ben Myers said.
“Canada’s 10 largest municipalities all experienced quarterly rent growth, showing the recovery is not regional but nationwide. With employment returning to pre-pandemic levels and immigration picking up, expect rental rates to continue to slowly climb over the next 18 months.”
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