Vancouver & Burnaby Among The Top 3 Most Expensive Rental Markets in Canada

News
Rental-Only Zoning

Although rental prices are dropping across Canada, Vancouver and Burnaby’s prices have made it one of the most expensive in the country.

According to a June report, by Padmapper.com, only about five Canadian cities are seeing an upward trajectory in the rental market.

RELATED: British Columbia Is Expected To Lift Quarantine Restrictions Very Soon

Otherwise, about 80% of Canadian cities have seen rents decline or remain the same.

In a list of the top 10 most expensive cities, Vancouver ranks second, while Burnaby places third. Meanwhile, Toronto has the most expensive rental market in Canada.

Here’s what the median price is for a one bedroom apartment:

  1. Toronto: $2,180
  2. Vancouver $2,100
  3. Burnaby $1,750
  4. Victoria $1,600
  5. Barrie, ON $1,490
  6. Montreal $1,450
  7. Kelowna $1,440

7. Ottawa $1,440

  1. Oshawa, ON $1,380
  2. Kitchener, ON $1,350

10. Hamilton, ON $1,350

Vancouver saw one and two-bedroom rents drop 5% and 6.3%, respectively, which are the largest year-over-year declines for this city ever reported,” states the report.

Vancouver has previously held the title for having the second-least affordable market.

For more Vancouver stories, head to our News section.

Log in or create an account to save content