While the price of a one-bedroom apartment in Vancouver hasn't increased this month, the city remains the most expensive in Canada for renters.
Conducted by Padmapper.ca, the January 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 Vancouver continues to be the country's most expensive city to rent in, but that prices haven't increased this month over last, with one-bedroom apartments costing $1950.
Toronto remains the second-most expensive city to rent, but the price of renting a one-bedroom has dropped this month over last by 3.7 per cent, from $1900 to $1,830.
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 slightly in January to $2,650. Last month, two-bedroom apartments cost an average of $2,680.
On a year-over-year basis, both one and two-bedroom rents in Vancouver are down over 9.7 per cent. In Toronto, one-bedroom rentals have fallen a whopping 20 per cent since this time last year.
This January, Torontonians are paying $2,470 for a two-bedroom rental.
Rent across Canada
Overall, 11 cities had a downward monthly rent price change, six upward, and seven remained flat.
"The winter months tend to be the slow-moving season of the year, as not many renters are moving during the holidays, and that trend is reflected in how the markets performed in this report, with nearly half of the cities experiencing falling rents," explains Padmapper.
While Vancouver's one-bedroom rental prices have dropped nearly 10 per cent this year over last, another B.C. city, Abbotsford, saw its prices climb a staggering 26.9 per cent. Windsor, Ontario also saw prices climb by 21.4% this year over last.
Burnaby is the third priciest city to rent a one-bedroom in Canada, but rents have dropped by 0.6 per cent to $1,660.
VIctoria continues to be the fourth most expensive market, with one-bedroom rent decreasing by 1.2 per cent to $1,610.
. By Photo via Padmapper.ca
