Vancouver is still the most expensive city in Canada in terms of median rents on one- and two-bedroom units, according to the latest monthly survey from Padmapper.
The rental website’s May snapshot of its current listings found Vancouver’s median one-bed rent to be $2,100 a month, which is 4.5 per cent higher than in April and slightly higher than Toronto’s $2,080.
The median rental prices of Padmapper’s advertised units fluctuate each month, based on the current listings. But longer-term comparisons tend to show more accurate trends – and Vancouver’s current $2,100 one-bed price is 8.2 per cent higher than a year ago.
At 3,200 a month in May, Vancouver’s two-bedroom median rental prices remain by far the most expensive in the country for that property type, with Toronto again in second place at $2,560, according to Padmapper. However, Vancouver’s two-bed prices haven’t risen since April and are 1.2 per cent lower than the snapshot in May last year.
Burnaby remains the third-priciest city in the country for both one- and two-bed rental units, at a current median of $1,560 and $2,150 a month. That one-bedroom median rent is an even higher month-over-month climb than Vancouver’s at 4.7 per cent up from April. With Burnaby proving a scorching rental market, one- and two-bed median rents are up 11.4 and 15.6 per cent year over year, respectively.
Victoria retains its sixth-place spot, after Barrie, Ontario and Montréal. Kelowna is the other B.C. city in the national top 10 priciest rental cities. Kelowna dropped from seventh place in April to 10th place in May, due to its median one-bed unit prices on Padmapper falling 2.6 per cent in that time.
Check out the top 10 list in the main image above and full details of rental prices below.