Vancouver

Vancouver Rents Soar in a Single Year, Topping Nation

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REW.ca
August 16, 2017






Vancouver coal harbour rental buildings apartments

Need more incentive to buy a home? Check out the latest rental price data

 

If ever there was a good reason to try to get into home ownership, the latest rental price data from PadMapper is surely it.

Vancouver’s rents have soared in the past year, from high to astronomical, with one-bedroom units now going for an average rent of $1,990, according to the rental website’s monthly price survey for August.

That’s 13.7% higher than one year ago, and the highest in the nation – see PadMapper’s chart below.

Padmapper August 2017 rents chart

However, Vancouver’s current average one-bedroom rent is not as high as it was in July, dropping from $2,090 to $1,990, reports the rental website.

Average rent for two-bedroom units in Vancouver, which were already extremely expensive due to their scarcity, rose 3.2% year over year to $3,200 a month, a 0.9% decline from July.

As PadMapper’s price data is based on current rental listings on its website, monthly declines in advertised rates could be due to changes in seasonal demand, rather than necessarily a downward trend.

Rents Across Canada

Toronto was the next most expensive city for renting in Canada, with one-bedroom rents rising 8.8% in the past year, now averaging $1,850. Two-bedroom units average $2,450, up 14% year over year.

For the first time, PadMapper's monthly survey of rental rates found that the average price for a one-bedroom apartment in Canada’s 10 most expensive cities exceeded $1,000 a month.

The only cities in the top 10 priciest chart to see rents fall year-over-year were Calgary and Oshawa.

Check out the full national list below, and read PadMapper’s August survey report.

Padmapper August 2017 rents chart Canada

Source: Padmapper


Joannah Connolly has been editor and content manager of REW.ca since May 2014. Joannah has appeared on major local TV outlets as a real estate commentator, and has moderated and spoken on several industry panels. During this time, she also spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio 98.3FM. A dual Canadian-British citizen, Joannah has 20 years of journalism experience in Vancouver and London, with a prior background in construction, architecture and business media.
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