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One-bedroom apartments in Vancouver now average a staggering $1,980, report finds

Despite the sky-high price tag, Vancouver's one-bedroom rentals have hit their lowest cost since April 2017
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Since this time last year, Vancouver one and two-bedroom rents have fallen 10% and 15%, respectively. Photo: Vancouver ariel angle / Shutterstock

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, rental prices decreased this month over last. 

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,  both saw a downward trend this month over last. In fact, Vancouver hit its lowest point since April 2017. That said, Toronto still has the highest rent for a one-bedroom apartment Canada-wide, costing $2,000 for November; it also has the second-highest rent for a two-bedroom, which costs $2,650.

Priciest two-bedrooms in the nation: Vancouver

This month, Vancouver's market saw a downward trend, with one-bedroom prices decreasing by 1% to $1,980. The city still has the highest rent in Canada for a two-bedroom apartment, coming in at a staggering $2,710 for November. However, this price also dropped by 1.5%.

Since this time last year, Vancouver one and two-bedroom rents have fallen 10% and 15%, respectively.

"Overall, 15 cities experienced a downward monthly rent price change, 5 upward, and 4 remained flat," explains Padmapper.

"As we head into the end of the year, it seems the general demand for rentals has continued to drop as the majority of the markets in this report saw prices on the decline."

Burnaby remains the third most expensive city for renters in Canada. The B.C. city saw one-bedroom rents increase by 3.6% to $1,720, while two-bedrooms dropped 1.3% to $2,250.

Victoria remains the country's fourth most expensive market, but one-bedroom apartments remained flat at $1,650. However, two-bedrooms fell by 3.5% to $1,910. That said, two-bedroom rentals in the province's capital city are up over 15% since this time last year.

Nov_2020_padmapper_vancouver_rentalPhoto: 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.




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