Vancouver tops the list of 35 cities for average monthly rent according to a recent report.
In May, average monthly rent in the city for a one-bedroom home was $2,377 – up 19.9 per cent over the previous year – and average monthly rent for a two-bedroom was $3,495 up 24 per cent from the year before, according to the report by Rentals.ca and Bullpen Research and Consulting.
That’s well ahead of the average rent increase across all Canadian rentals – up 10.5 per cent over May 2021. Rentals also saw the largest monthly increase since May 2019 with a 3.7 rise from April to May.
Victoria renters faced a similar price hike over the year. The average monthly rent in May for a one-bedroom was $1,870 month, up 13.4 per cent from the year before placing it ninth on the list of 35 cities. Victoria hit third for average monthly rent for a two-bedroom at $2,896.
Month-over-month, average rent in Victoria was up 5.3 per cent for a one-bedroom and up 5.8 per cent for a two-bedroom.
Surrey finished 19th for average monthly rent for a one-bedroom home at $1,642, and 15th for a two-bedroom at $2,137.
Burnaby finished third on the list of 35 cities for average monthly rent in May for a one-bedroom home at $2,012, and fourth for average monthly rent for a two-bedroom at $2,645.
Year-over-year, average monthly rent in May for a one-bedroom in Burnaby was up 24.1 per cent and up 18.9 per cent for a two-bedroom. Month-over-month, average rent in Burnaby was up 6.9 per cent for a one-bedroom and up 3.2 per cent for a two-bedroom.
“After relatively flat rents on average in Canada during the first four months of the year, rents rose sharply in May, as interest rate hikes dissuaded would-be buyers from leaving the rental market,” said Ben Myers, president of Bullpen Research & Consulting.
Uncertainty in the home ownership market and supply-chain delays and labour stoppages are expected to put upward pressure on rents into the fall.
Vancouver has averaged the highest rent for all property types so far this year at $2,909 on a list of 20 Canadian cities and areas.
The report also shows there’s still a demand for larger units, with monthly rent for single-family homes moving from $2,609 in May 2021 to $2,881 this May – slightly above the market peak in 2019.
Do you have a story tip? Email: firstname.lastname@example.org.