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It’s a dubious distinction, but B.C. is well represented in the 10 most rental markets in Canada.
According to a report from PadMapper, Vancouver, Burnaby represent the second and third most expensive markets, while Victoria and Kelowna were pegged as the sixth and seventh respectively.
First place Toronto witnessed rental costs for one and two bedroom units skyrocket nearly 16% in the past year, where the average price for a one bedroom is $2,220 and the price for a two bedroom is $2,830.
That's a stark contrast from fellow Eastern metropolis Montreal, where the average price for a one bedroom is $1,430 and the price for a two bedroom is $1,820.
"Overall, 15 Canadian cities saw an upward trend, 5 downward, and 4 remained flat last month," reads PadMapper's report.
"While Kelowna had the largest monthly rental growth rate in the country, up 5.8%, Abbotsford saw the biggest rent dip, down 5.3%. In the top markets, Kitchener moved up 2 spots and back into the 10 again. As we get deeper into the slower moving months, the amount of cities that experienced double digit year over year growth rates are beginning to decline."
To conduct the report, PadMapper analyzed rental data from hundreds of thousands of active listings across the country.
Listings are then aggregated on a monthly basis to calculate median asking rents for the top 24 most populous metro areas, providing a comprehensive view of the current state of the market.
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.