VANCOUVER (NEWS 1130) – Vancouver renters continue to pay the highest rates in the country, according to the latest report conducted for Rentals.ca
The city is ahead of 35 others, with a one-bedroom home costing an average of $ 2,167. It’s ahead of Toronto, where the price is $ 1,989. Vancouver rates also have the dubious distinction of seeing one of the highest increases year-on-year, a 15 percent increase from August 2020.
The average rent for a two-bedroom was just over $ 3,000 — an increase of more than 12 percent from the same time in 2020.
“The rental market continued its upward trend on a national basis in August, as some normality returns to the country. When the primary schools opened in September, there was a strong growth in rent for single-family properties again in August. Toronto and Vancouver are experiencing a huge demand for rentals, especially for luxury apartments, ”says Ben Myers, President of Bullpen Research & Consulting.
“By the end of the last six months, rents are expected to continue to rise as college and college classes resume and as office towers reopen with a partial return to normalcy for many industries requiring personal employment.”
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The other three BC cities that came on the list are also in Metro Vancouver. Burnaby are seventh, New Westminster are 11th and Surrey are 14th.
“British Columbia was the province with the highest average rental rate of $ 2,084 per month in August after experiencing an annual increase of 4.2% – despite the pandemic,” the report said.