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Vancouver remains most expensive city in Canada for renters: study

Last Updated Sep 14, 2021 at 8:06 pm PDT

A condo building is seen under construction surrounded by houses in Vancouver, B.C., on Friday March 30, 2018. Credit rating agency Equifax Canada says total consumer debt increased 2.8 per cent to $1.99 trillion in the second quarter despite the economic impact of COVID-19 amid a strong recovery in the housing market. THE CANADIAN PRESS/Darryl Dyck
Summary

Rentals.ca found the cost of renting a one-bedroom home in the city went up more than 15 per cent from August, 2020

Rent may keep increasing as post-secondary classes resume, workers head back to the office, border reopens

VANCOUVER (NEWS 1130) — Vancouver renters continue to pay the highest prices in the country, according to the latest report done for Rentals.ca

The city ranks ahead of 35 others, with a one-bedroom home costing an average of $2,167. That’s ahead of Toronto, where the price is $1,989. Vancouver rates also have the dubious distintion of seeing one of the highest year-over-year increase, up 15 per cent from August of 2020.

The average rent for a two-bedroom was just over $3,000 — up more than 12 per cent from the same time in 2020.

“The rental market continued its upward trend on a national basis in August as some normalcy returns to the country. With elementary schools opening in September, there was strong rent growth for single-family properties again in August. Toronto and Vancouver are experiencing huge rental demand, especially for higher-end condos,” Ben Myers, president of Bullpen Research & Consulting, says.

“Heading into the latter half of the year, rents are expected to continue to rise as university and college classes resume and as office towers re-open with a partial return to normalcy for many industries that require in-person employment.”

Related Article: Experts say housing market sales returning to normal in Vancouver, Surrey

The other three B.C. cities that made the list are also in Metro Vancouver. Burnaby ranks seventh, New Westminster comes it at number 11, and Surrey came in at 14.

“British Columbia was the province with the highest average rental rate at $2,084 per month in August after experiencing an annual increase of 4.2% — despite the pandemic,” the report says.