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One-bedroom apartments in Vancouver now average a staggering $1,950, report finds

Vancouver is now the most expensive city to rent a one-bedroom apartment in Canada
vancouver-apartment-rental
On a year-over-year basis, both one and two-bedroom rents in Vancouver are down over 11 per cent. Photo via alexsl / Getty Images

While the price of a one-bedroom apartment has dipped slightly this month, Vancouver is now the most expensive city to rent in across Canada. 

Conducted by Padmapper.ca, the December 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 reports that Vancouver has overtaken Toronto to become the country's most expensive city to rent one-bedroom apartments. That said, one-bedroom apartments have dropped in price this month over last, with median prices falling from $1980 to $1950.

Toronto's one-bedrooms dropped by $100 from a staggering $2,000 to $1,900 this month, which makes it the second priciest market for one-bedroom rentals. 

Vancouver also has the country's steepest market for two-bedroom rentals, which it has for several months. However, two-bedroom rental costs have dropped in December to $2,680. Last month, two-bedroom apartments cost an average of $2,710 in the city. 

On a year-over-year basis, both one and two-bedroom rents in Vancouver are down over 11 per cent. In Toronto, one-bedroom rentals have fallen over 17 per cent since this time last year.

This December, Torontonians will pay $2,530 for a two-bedroom rental. 

Rent across Canada

Overall, nine cities experienced a downward monthly rent price change, 12 upward, and three remained flat, notes Padmapper. 

Burnaby is the third priciest city to rent a one-bedroom in Canada, but rents have dropped by 2.9 per cent to $1,670.

VIctoria is the fourth most expensive market, with one-bedroom rent decreasing by 1.2 per cent to $1,630.

With one-bedroom rents climbing 4.1 per cent to $1,510 Kelowna is now the fifth priciest market in Canada. On a year-over-year basis, one-bedroom rent is up nearly 12 per cent in the B.C. city. 

Dec_2020CARR_FinalPhoto via Padmapper.ca

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.