Vancouver remains on top, but not for the right reason this time.
Even though rental rates declined annually for their ninth straight month, Vancouver remains the most expensive place to rent in Canada.
According to rentals.ca’s latest national report, the average rental rate for Vancouver last month surpassed $3,100. Overall, rental rates are down 6% compared to last year.
The average rent in August for a 1-bedroom was $2,737 and $3,727 for a 2-bedroom.
“Rents grew at their slowest annual rate in 34 months, decelerating sharply from annual growth rates of 5.9% in July, 7.0% in June and 9.3% in May,’ reads their report. “The moderation in rent increases can be attributed to apartment completions this year reaching their highest total in decades, as well as a recent slowdown in population growth and a softening labour market.”
Toronto had the second highest average rental rate in August while Victoria, BC rounded the top 5.
More local news:
- Interview with Managing Director of Apcon Group Tejvir Atwal
- Bank of Canada drops key interest rate to 4.25%