Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
The cost to rent both one- and two-bedroom apartments remained flat in Vancouver year-over-year in August, according to new PadMapper data, which includes median rents for all homes that are currently available to rent or vacant and does not include those homes that are already rented out.
The average rent for a one-bedroom apartment was $2,000, which was unchanged compared with July and only 0.5% higher than it was a year ago. Two-bedroom rents, on average, didn’t change at all month-over-month or year-over-year and remain at $3,200.
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Vancouver had long been the most expensive city in which to rent both one- and two-bedroom apartments, with Toronto coming in second place. This changed in April, when Toronto took top spot for one-bedroom rents, but Vancouver staged a slight comeback a few months later. Toronto is now solidly in first place for this home type, however; the average rent for one-bedroom suites was $2,140 in April – 7% higher than in Vancouver.