Spending more than $1,000 a month on a one bedroom has become a reality for most renters in B.C.’s busiest cities, as rental rates continued to rise through 2018.
According to PadMapper’s Canadian rent report, a one bedroom in Vancouver, Burnaby, Victoria and Kelowna costs between $1,300 and $2,200 on average. Meanwhile, a two-bedroom costs anywhere between $1,600 and $3,200.
PadMapper’s report, released Tuesday, analyzes rental data from thousands of active listings across the country to calculate average asking rents for the top 24 most populous metro cities. The data does not include short term or Airbnb listings.
Toronto topped the list, where most renters can expect to pay about $2,200 for a one bedroom, and $2,850 for a two bedroom.
Rent in Vancouver for a one-bedroom went up 6.5 per cent from 2017 to last year, according to the data, and less than one per cent for a two bedroom.
Victoria saw the largest uptick year-over-year for both kinds of units. One bedroom units reached $1,390 – a 16 per cent increase from 2017 – and two bedrooms totalled an average of $1,590, which was a five per cent increase.
Abbotsford, the only city in B.C. included in the report with an average rental rate of just under $1,000, also saw double-digit increases to prices.
A one bedroom in the Fraser Valley city averaged $950 in 2018 – up 12 per cent from the year before. A two bedroom was priced at $1,080, which was a 12.5 per cent increase.
The average prices follow a November report by the Canadian Mortgage and Housing Corporation, which found that B.C.’s rental vacancy rate sat at 1.4 per cent last year.
The corporation said B.C. had the highest average rent of $1,387 for a two-bedroom, compared to $1,266 in Toronto and $1,215 in Alberta.