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.
CTVNews.ca Top Stories
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
U.S. says Israel's use of U.S. arms likely violated international law, but evidence is incomplete
The Biden administration said Israel's use of U.S.-provided weapons in Gaza likely violated international humanitarian law but wartime conditions prevented U.S. officials from determining that for certain in specific airstrikes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Mother assaulted by stranger while breastfeeding baby in her car: Vancouver police
A person was arrested in East Vancouver Thursday after allegedly entering a car while a mother was breastfeeding her four-month-old boy.
'We have laws': Premier Smith says police action justified in Calgary
The actions, including the decision to use non-lethal force, to disperse pro-Palestinian protesters from the University of Calgary campus were justified, Alberta Premier Danielle Smith said Friday.
'State or state-sponsored actor' believed to be behind B.C. government hacks
The head of British Columbia’s civil service has revealed that a “state or state-sponsored actor” is behind multiple cyber-security incidents against provincial government networks.