A recent report finds that Vancouver has the second-highest average rent across Canada for one-bedroom apartments and the highest rent for two-bedrooms. However, the market shows a continued downward trend for apartment rentals in the city.
Conducted by Padmapper.ca, the report analyzes rental data from hundreds of thousands of active listings across the country. From there, listings are aggregated every month to calculate median asking rents for the top 24 most populous metropolitan areas.
At the start of its report, Padmapper.ca notes that the country's two most expensive markets, Toronto and Vancouver, have seen another month of declines. That said, Toronto still has the highest rent for a one-bedroom apartment Canada-wide, costing $2,070 for September. It also has the second-highest rent for a two-bedroom, which costs $2,630.
Since this time last year, Vancouver one and two-bedroom rents have fallen 9.1% and 14.1%, respectively.
This month, Vancouver also saw a downward trend, with one-bedroom prices falling 2.9% from the previous month to $2,000 for July. The city still has the highest rent in Canada for a two-bedroom apartment, coming in at a staggering $2,750 for July, which is down 1.8% from the previous month.
Overall, 12 cities were on an upward trajectory last month, 9 downward, and 3 remained flat.
Padmapper says, "The rest of Canada seems to be steadily recovering from the sudden halt in rental demand during the pandemic as half of the total cities saw rents grow on a monthly basis in this report. As Canada continues to reopen, the desire to move away from pricey cities is becoming more and more apparent."
Burnaby is the third most expensive city for renters in Canada. The B.C. city had a fairly flat month with one-bedroom rent decreasing 0.6% to $1,700, while two-bedrooms dropped 0.4% to $2,290.
Victoria increased in one-bedroom rental prices to become the country's fourth most expensive market. One-bedroom rent increased 1.3% to $1,610, while two-bedrooms remained flat at $1,990.
The report is based on all data available in the month before publication. Any data that is reported does not include short term or Airbnb listings.