Highest increase in Canada: Rent for one-bedroom apartment soars to $2,176 in Vancouver

The price of renting a one-bedroom apartment increased 13.2 per cent in Vancouver last year, more than any other major Canadian city, a new report has found.

According to Rentals.ca, the average monthly rent was $2,176 for a one-bedroom in Vancouver in December 2021.

The second-most expensive city to rent a one-bedroom apartment was Toronto, with a rate of $2,013 — an increase of 9.2 per cent from December 2020.

The website’s January 2022 rent rankings, published with residential real estate advisory firm Bullpen Research and Consulting Inc., are average of all monthly listings on the website. They include basement apartments, rental apartments, condos, townhouses, semi-detached and single-detached homes.

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The second-highest year-over-year increase for a one-bedroom apartment was in Gatineau, Que., with a jump of 12.75 per cent and a monthly rate of $1,415.

The Ontario city of Brampton had the third-highest increase — 11.7 per cent and an average rental rate of $1,648.

According to the report, the average rent for all Canadian properties listed on the website in December 2021 was $1,789 per month, an increase of 3.8 per cent annually.

It was the fourth month in a row with an annual increase in average rent, following 16 months of decline.

The average cost of a one-bedroom apartment decreased in other cities between December 2020 and 2021.

Coquitlam, B.C., saw an 8.07-per cent drop in rent for a monthly rate of $1,561, and Victoria saw a decrease of 0.63 per cent.

One-bedroom apartment rental rates also dropped between 0.92 per cent and 4.98 per cent in the Ontario cities of Ajax, Vaughan, Scarborough, Greater Sudbury, Nepean, North York, York and East York, in the Quebec city of Laval, and in Edmonton.

Click to play video: 'Open House: BC’s most expensive properties'

Open House: BC’s most expensive properties

Open House: BC’s most expensive properties – Jan 8, 2022


© 2022 Global News, a division of Corus Entertainment Inc.

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