Money Vancouver has the second highest rents in Canada, but the suburbs aren’t far behind: report

08:40  18 february  2020
08:40  18 february  2020 Source:   globalnews.ca

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a man standing in a body of water with a city in the background: Vancouver one bedroom rent ranked as the second priciest at $2,150. Two bedrooms dropped 0.3% to settle at $2,990.© THE CANADIAN PRESS IMAGES/Bayne Stanley Vancouver one bedroom rent ranked as the second priciest at $2,150. Two bedrooms dropped 0.3% to settle at $2,990.

Vancouver has the second highest rent in the country, and the suburbs aren't far behind according to a new report from a website that tracks rental units.

According to PadMapper, an average one-bedroom rental in Vancouver costs $2,150 a month.

The cost to rent a two-bedroom unit dropped slightly last month to $2,990, found the report.

The most expensive city to rent in the country is Toronto, where one bedrooms are ranked at $2,300.

The cost to rent bedrooms in Toronto increased by one per cent to $2,980, according to PadMapper.

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The third most expensive city to rent a one-bedroom unit in the country is Burnaby at just over $1,700 a month, the report found.

Padmapper Spokesperson Crystal Chen says that number jumped 12 per cent since the same time last year.

"There seems to be some price fueling in Vancouver," she said. "So people are looking at close cities that are more affordable like Burnaby."

The city with the largest jump in the country since last month was Abbotsford.

Chen says it climbed to the 17th most expensive city at $1,090 per month.

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"The next most affordable city in British Columbia is Kelowna, which is a jump to $1,350," she said. "Abbotsford is less expensive for one bed, and it's closer to Metro Vancouver, so that makes it more desirable for people."

The report says overall, the top 10 markets were relatively stable since last month with no new cities entering or leaving.

In terms of monthly changes, the report says Victoria one-bedroom rentals had the largest growth at 5.3 per cent.

Barrie, Ontario had the biggest dip, with rents dropping 5.2 per cent.

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