Vancouver residents pay the highest rents in the country, and the rest of British Columbia is not far behind, according to a monthly rent report from Rentals.ca and Bullpen Research & Consulting.
The average rental price in September for a one-bedroom Vancouver clocked in at $ 2,155, and the average price for a two-bedroom was a whopping $ 2,932. These prices may come as a shock to some, but the average rent paid by British Colombians in September was $ 2,108 per person. Month, an increase of 7.2 percent since last quarter.
Other BC cities, including Burnaby, Victoria and Surrey, were ranked in the top 20 of the most expensive municipalities. Burnaby ranked fourth for average monthly rent in September for a one-bedroom home at $ 1,833 and for average monthly rent for a two-bedroom at $ 2,366. Victoria came in at number nine, averaging $ 1,715 for a one-bedroom and $ 2,614 for a two-bedroom. Surrey ranked 14th with an average of $ 1,623 for a one-bedroom and $ 1,873 for a two-bedroom.
Ontario held a close second, with an average rent of $ 2,044. Toronto was also the second highest ranked city with $ 1,938 for a one-bedroom and $ 2,628 for a two-bedroom. Canada’s cheapest city is Saskatoon, which comes in at just $ 900 for a bedroom and $ 1,059 for a two-bedroom.
The average rental cost for Canadians is now $ 1,769, which is still 9.5 percent lower than the September 2019 average of $ 1,954.
September was the fifth month in a row that average rents have risen across the country since April’s low of $ 1,675.
“September marked for the first time this year that average rents in Canada were not cheaper than last year, as rental rates continue their upward trend,” said Bullpen Research CEO Ben Myers.
“Canada’s 10 largest municipalities all experienced quarterly rent growth, which shows that the recovery is not regional, but nationwide. When employment returns to pre-pandemic and immigration levels, rental rates are expected to continue to rise slowly over the next 18 months. ”
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