VANCOUVER (NEWS 1130) – The cost of rental housing is down Canada-wide in the last year, but Vancouver is still the most expensive city, data shows.
According to Rentals.ca, rents have dropped by 8.7 per cent and the average asking rent for Canadian properties in January was $1,714 per month.
Vancouver came out on top for the most expensive rents in the country, with $1,901 for a one-bedroom home and $2,153 for a two-bedroom. But that was also down five per cent.
B.C. had the highest average for rent in the country at $1,990, and the highest average rent per square foot for all property types in January.
“Prospective tenants continue to experience a market flush with choice, and have more bargaining power than they’ve had in many years,” says Matt Danison, CEO of Rentals.ca.