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.
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Otherwise, about 80% of Canadian cities have seen rents decline or remain the same.
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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:
- Toronto: $2,180
- Vancouver $2,100
- Burnaby $1,750
- Victoria $1,600
- Barrie, ON $1,490
- Montreal $1,450
- Kelowna $1,440
7. Ottawa $1,440
- Oshawa, ON $1,380
- 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.
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