The average rent for a one-bedroom Vancouver apartment dipped back down below the $2,000 mark in August, according to PadMapper’s latest data, which takes into account the median rents for all homes that are currently available or vacant and does not include those homes that are already rented out.
The average rent for this home type had jumped past the $2,000 mark last month, reaching $2,090. In August, the median rent for a one-bedroom home fell 4.8% to $1,990. Year-over-year, one-bedroom apartment rents increased 13.7% in the city.
For two-bedroom units, the average rent fell 0.9% in the month to $3,200. Year-over-year, the average rent for this home type increased 3.2%.
Vancouver remains the most expensive major city in the country for both one- and two-bedroom apartments. Toronto is in second place for both home types. The average rent in Canada’s largest city is $1,850 for a one-bedroom unit, which is almost 8% lower than in Vancouver. For two-bedroom units, the average rent is $2,450 – 30% less than in Vancouver.
Top 10 highest rents across Canada in August (source: Padmapper):
In Victoria, the average one-bedroom apartment was listed at $1,100 – a decrease of 1.8%. Two-bedroom units were listed at $1,480, which is a month-over-month drop of 5%.
PadMapper tracks rental data statistics from Canada’s 25 biggest metropolitan areas in terms of population size.