Rent in Vancouver $330 more expensive than Toronto, study suggests
Vancouver has once again topped the list as the most expensive city in Canada for renters, with tenants forking over up to $330 more per month on a one-bedroom suite than they would at a Toronto rental unit of the same size, according to a pair of new studies.
A national rent report from Zumper, which analyzed thousands of listings in September to examine median rent prices across the 23 largest Canadian cities, found that the average rent for a one bedroom in Vancouver is $2,130, compared to $1,800 in Toronto.
Research from a second report on rental rates nation-wide by Rentals.ca and Bullpen Research and Consulting suggests this is the fifth consecutive month that average rents have risen across the country.
The report analyzes monthly, quarterly and annual rates and trends in the rental market on a national level across all listings on Rentals.ca.
It found that as the economy rebounds, demand continues to increase for smaller units that are closer to the downtown core.
“It’s a race between adding a lot more rental supply and a lot more people returning to the city and coming back to Vancouver for things like education, work and all the other opportunities we have here,” said Nathanael Lauster, a sociology professor at the University of British Columbia specializing in housing.
Lauster expects rental rates in Vancouver will continue trending upward for the foreseeable future. He suggests prospective renters find housing sooner rather than later.
“I wouldn’t sit out, thinking things are going to get better,” he said. “That said, the hope is we’ll be bringing a lot more rental apartments online. That’s certainly been a goal of city policy.”
Vancouver nabbed the top spot on a list of 35 Canadian cities, with an average monthly rent in September for a one-bedroom home costing $2,155 and an average monthly rent for a two bedroom setting renters back $2,932.
“September marked the first time this year that the average rent in Canada wasn’t cheaper than last year, as rental rates continue their upward trend,” said Bullpen Research and Consulting president Ben Myers in a news release.
“Canada’s 10 largest municipalities all experienced quarterly rent growth, showing the recovery is not regional but nation-wide. With employment returning to pre-pandemic levels and immigration picking up, expect rental rates to continue to slowly climb over the next 18 months."
The study found the average rent in Vancouver has increased 9.2 per cent from September 2020, going up an average of $3.27 per square foot.
In September of this year, the average rent per square foot for condos and apartments in Vancouver was about eight per cent higher than in Toronto.
Burnaby came in fourth on the national list for average monthly rent in September, at $1,833 for a one bedroom and $2,366 for a two bedroom.
Surrey finished 14th on the list, with an average monthly rent of $1,623 for a one bedroom and $1,873 for a two bedroom.