It’s official, Vancouver has become the most expensive city in Canada when it comes to average monthly rent for a one-bedroom unit. Vancouver originally ranked second to Toronto at the end of 2020, but overtook them to start 2021.
The statistics are based off findings from a 2021 report by Rentals.ca, the National Rent Report and Bullpen Research & Consulting.
The reports shows that Vancouver ‘s average monthly rent for a one-bedroom was $1,855 in December, while Toronto’s was $1,832.
Vancouver Is The Most Expensive For Average Monthly Rent
Vancouver overtook Toronto on the list of 35 cities for the most expensive average monthly rent in December for a one-bedroom home. It’s the first time Toronto has not topped the list since Rentals.ca and Bullpen Research & Consulting have created this report.
In fact, Vancouver rent shows it being the most expensive monthly average of the 35 cities on the list for December for both a one-bedroom home at $1,855 and for a two-bedroom at $2,635.
Year over year, average monthly rent in December for a one-bedroom home in Vancouver was down 4.4 per cent and down 9 per cent for a two-bedroom.
Other Cities in Metro Vancouver Made The Report
Richmond finished fifth on the list for average monthly rent for a one-bedroom home at $1,730 and ninth for average monthly rent for a two-bedroom at $2,082.
Burnaby came in eighth for average monthly rent for a one-bedroom home at $1,676 and fifth for average monthly rent for a two-bedroom at $2,186.
New Westminster finished 14th on the list for average monthly rent for a one-bedroom home at $1,511 and 16th for average monthly rent for a two-bedroom at $1,852.
Surrey came in 19th for average monthly rent for a one-bedroom home at $1,403 and 18th for average monthly rent for a two-bedroom at $1,744.
While North Vancouver was not included on the list, the average monthly rent for a one-bedroom in the city was $1,871, and average monthly rent for a two-bedroom was $2,545.
Victoria finished 12th for average monthly rent in December for a one-bedroom home at $1,537 and 10th for average monthly rent for a two-bedroom at $2,059.
A Look into Apartments and Condo Rentals
Vancouver’s average monthly rent for apartments and condo rentals was down 6.7 per cent annually. Overall, 17 of the 23 cities and areas in the chart below saw annual declines for average rents for apartments and condo rentals.
Condominium apartments in Canada took a big hit in average rents in 2020, falling 18.5 per cent annually to $2,009 per month from $2,465 per month in December 2019.
Overall Rent is Declining, Except in B.C.
The average rent in British Columbia was up 9.5% annually in 2020 to $1,996 per month, while Ontario’s rent declined by 7.8% annually to $2,090 per month.
The average rent for all Canadian properties listed on Rentals.ca in December was $1,723 per month, down 7.1 per cent year over year.
“In many markets, rents have dropped to the point where tenants can lease a suite with an additional bedroom for the same rent as they were paying last year.” said Matt Danison, CEO of Rentals.ca.
B.C.’s average monthly rent increased 9.5 per cent in 2020 over 2019.
Rental rates will continue to decline for the next three to four months because of weaker demand, more supply, and COVID-19 continuing to spread across the country.
See the full National Rent report to look at national, provincial, and municipal level listings for 35 cities in Canada.
For more information on real estate in Metro Vancouver, check out our Real Estate section.
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