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.
Conducted by Padmapper.ca, the report analyzes rental data from hundreds of thousands of active listings across the country. From there, listings are aggregated on a monthly basis to calculate median asking rents for the top 24 most populous metropolitan areas.
For the month of February, Toronto was ranked the most expensive city in Canada with one-bedroom apartments averaging a whopping $2,300 a month. However, the price for a Toronto one-bedroom apartment did not increase over the previous month. In contrast, two-bedroom apartments increased by 1% to $2,980.
Vancouver followed in second, with one-bedroom rentals asking an average of $2,150. And while they dropped 0.3% over the previous month's average, two-bedrooms in the city were the most expensive in the country.
Burnaby was the third most expensive market, with the average one bedroom rent rising 1.7% to $1,760; two bedrooms remained stable at $2,350. Victoria rose two spots to enter the top five markets, and became the fourth most expensive city. One bedroom rents jumped 5.3%, which was the largest monthly rental growth rate in the nation, to $1,590, while two bedrooms grew 4.9% to $1,920.
Rounding out the top five was Montréal, which saw one-bedroom rents fall in price by 3.2% to $1,500 and two-bedroom rents decrease 1.5% to $1,910.
The report is based on all data available in the month prior to publication. Any data that is reported does not include short term or Airbnb listings.