Vancouver one-bedroom rent still highest in country, but Toronto remains not far behind: PadMapper

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The average rent for a one-bedroom apartment in Vancouver was $2,090 in June, according to new data from PadMapper, making the city once again the most expensive in Canada for that home type.

PadMapper data takes into account median rents for all homes that are currently available to rent or vacant. It does not include homes that are already rented out. It compiles averages using hundreds of thousands of apartment listings across the 26 largest markets in Canada.

Toronto is not far behind Vancouver for one-bedroom rents; in June, the average was $2,070 – only $20 less than in Vancouver. Vancouver has consistently ranked number one since PadMapper started tracking the data in 2016, with one exception: in April, the average Toronto one-bedroom rent beat Vancouver’s average by $30.

Vancouver is still Canada’s most expensive city – by a fairly large margin – for two-bedroom rents, at an average of $3,250. The average rent for the same home type in Toronto is more than $500 less at $2,730.

Toronto does appear to be catching up; year-over-year, the average rent for a Vancouver one-bedroom apartment increased 2.5%, while Toronto saw a jump of 15.6%. Two-bedroom rents in Vancouver increased 3.2% over the past 12 months, while in Toronto the average increased 15.7%.

Burnaby was the country’s third most expensive city in June for both one- and two-bedroom rents, at $1,560 and $2,180, respectively.

Top 10 highest rents across Canada in April (source: PadMapper):

PadMapper

ecrawford@biv.com