Vancouver Rents Soar in a Single Year, Topping Nation

Joannah Connolly
August 16, 2017

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
Joannah Connolly is editorial director of Glacier Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspaper websites, including the Vancouver Courier, North Shore News, Burnaby Now, Tri-City News and others. She also oversees editorial content in Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 22 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture, healthcare and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio.