Vancouver's rental rates are the highest in the country, in spite of drop in 2020: report
Published Tuesday, January 19, 2021 6:59AM PST
The Vancouver skyline is seen from the Cambie Street Bridge in April 2020. (Eleni Gardikiotis, submitted through our app, Weather Watch by CTV Vancouver)
VANCOUVER -- A new report on housing shows rental prices have dropped in Vancouver year over year in late 2020, but the city topped the country when it came to high prices.
According to data tracked by Rentals.ca, the average price for a one-bedroom unit in Vancouver in December was $1,855 per month, which is a drop of 4.4 per cent from 2019.
Two bedroom units averaged $2,635, which is down nine per cent year over year.
In spite of the decrease, Vancouver had the highest average monthly rent of 35 cities listed in the report. It was the first time Toronto hasn't topped the list since Rentals.ca and Bullpen Research and Consulting began these reports more than two years ago.
"In many markets, rents have dropped to the point where tenants can lease a suite with an additional bedroom for the same rent as they were paying last year," Matt Danison, CEO of Rentals.ca, said in a news release.
Other Metro Vancouver cities on the list included:
- Richmond (fifth): one-bedroom averaged $1,730 per month
- Burnaby (eighth): one-bedroom averaged $1,676 per month
- New Westminster (14th): one-bedroom averaged $1,511 per month
- Surrey (19th): one-bedroom average $1,403 per month
While North Vancouver wasn't included on the list, Rentals.ca data showed the cost in the city for a one-bedroom unit averaged $1,871 per month.
Province-wide, B.C.'s average monthly rent increased 9.5 per cent in 2020 over 2019, the report says.