Like many other things, rent in Vancouver continues to go up. According to Zumper’s latest Canadian Rent Report, the average rental price for a one-bedroom in Vancouver has skyrocketed to a new all-time high.
The report says a one-bedroom rental in Vancouver will now cost you $2,700 per month, an increase of 20.5% year over year.
“At the top, Vancouver saw one-bedroom rent grow about 4% last month to reach $2,700, an all-time high recorded in our monthly rent reports,” says Zumper.
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“As mentioned last month, Canada’s demand for rentals is considerable with 5 million renters competing for 2 million purpose-built units, which is putting significant upward pressure on rent prices.”
The average price of a two-bedroom rental in Vancouver now sits at $3,750, a decrease of 1.3% since last month.
Burnaby remained the 3rd most expensive market with one-bedroom rent climbing 0.4% to $2,360 in June, while two-bedrooms stayed stable at $3,000.
Even in a cheaper market like Calgary, prices continue to rise steadily. The data shows that a one-bedroom rental in Calgary now sits at $1,700 per month, an increase of 37% year over year.