Average Vancouver one-bedroom rent reaches record high: PadMapper

The average rent for a one-bedroom apartment reached an all-time high in February | Shutterstock

The average rent for a one-bedroom apartment in Vancouver remains the highest in the country, and it increased another 1.6% in February, reaching the highest level on record.

Vancouverites are, on average, paying $1,900 for a one-bedroom unit, according to PadMapper. The increase comes in spite of a drop in average home prices across the city; the British Columbia Real Estate Association February 15 announced home prices fell 19% year-over-year in January.

Toronto came in second with an average price of $1,620 for this home type, which was a 4.5% month-over-month jump.

Prices for two-bedroom apartments in Vancouver fell 0.6% in the month to $3,130. The city’s rent in this category remains in a class of its own in terms of high cost; the next most expensive city for this home type is once again Toronto at $2,060, making Vancouver 52% more expensive than in Canada’s biggest city. This gap has narrowed from January, when two-bedroom rents were 60% higher in Vancouver, as Toronto saw a price jump of 4.6% in February.

One-bedroom apartments cost 1.6% more in Victoria in February, with an average of $1,290. Two bedroom rents fell 1.3% to $1,470.

The city with the lowest rent in Canada in February was Saguenay, Quebec, where one-bedroom apartments went for $490, and two-bedroom units cost $600 per month.

Top 10 highest rents across Canada in February (source: Padmapper):

ecrawford@biv.com

@EmmaHampelBIV

comments powered by Disqus

More from Real Estate

Metro’s housing appetite swallows industrial land

Historic Fraser Mills site could be lost in Coquitlam as developers retool for condos  

Read Article

B.C. government closes loophole that allows for geographic rent increases

Read Article

Timber condos to start at $3 million

Star architect, Douglas fir create Terrace House, Vancouver’s most expensive new apartments

Read Article

Detached-home sales cool in Fraser Valley as prices hit ‘threshold’

Single-family houses collecting dust on market after benchmark price approaches $1 million

Read Article

First Nations now a first stop in industrial land crunch

Chilliwack looking to region’s band lands for industrial development opportunities

Read Article

Subscribe to our mailing lists

You may withdraw your consent at any time.

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
Business in Vancouver Media Group
303 West 5th Avenue, Vancouver, British Columbia
V5Y 1J6 · Canada
604-688-2398
×