Vancouver, Toronto still Canada's most expensive rental markets
Renters seeking a two-bedroom apartment can expect to shell out more than $2,800 for a place to live in Vancouver, according to the latest data from Rentals.ca.
This is a significant rise from the previous month.
In its monthly Canadian rental report, the house-hunting website says the average asking price for a two-bedroom suite in Vancouver in June was $2,833, the most expensive in the country, while the average asking price for a one-bedroom apartment was $1,990, the second highest in the country behind Toronto ($2,266).
However at the rate that Vancouver is rising at for single bedrooms it could rise higher than Toronto's average.
Other cities from BC that are on this list would be Burnaby at No. 11 ($1,556 for one bedroom, $2,326 for two bedroom); New Westminster at No. 13 ($1,512, $1,944); Kelowna at No. 15 ($1,430, $1,818) and Victoria at No. 16 ($1,406, $1,818).
Rentals.ca also says that nine out of ten of the most expensive rental markets are in the GTA (Greater Toronto Area)
On a provincial level, Ontario had the highest rental rates in June, with landlords seeking $2,279 per month on average (all property types), an increase of 1.6 per cent from May ($2,244). In B.C., the average asking rent was $1,852 per month, an increase of 3.1 per cent month-over-month.
Also according to this report, the average size of units for rent in Canada has been slowly trending downward since late last year, from 1,010 square feet in October 2018 to 933 square feet in June 2019.
For more details about this study, or if you are looking to rent please do not hesitate to contact with RentYVR agents [email protected] or call us at 778.888.8862 and make an appointment, or please register to our VIP Client list and we will inform you about most of the real estate that can effect your investments portfolio.