While the price of a one-bedroom apartment has dipped slightly this month, Vancouver is now the most expensive city in Canada in which to rent this home type.
Conducted by Padmapper.ca, the December report analyzes rental data from hundreds of thousands of active listings across the country. From there, listings are aggregated every month to calculate median asking rents for the top 24 most populous metropolitan areas.
Padmapper.ca reports that Vancouver has overtaken Toronto to become the country's most expensive city for one-bedroom apartment rentals. That said, one-bedroom apartments have dropped in price this month over last, with median prices falling from $1,980 to $1,950.
Toronto's one-bedroom apartments dropped by $100, on average, from $2,000 to $1,900 this month, which makes it the second priciest market for one-bedroom rentals.
Vancouver also has the country's steepest market for two-bedroom rentals, which it has for several months. However, two-bedroom rental costs have dropped in December to $2,680. Last month, two-bedroom apartments cost an average of $2,710 in the city.
On a year-over-year basis, both one- and two-bedroom rents in Vancouver are down over 11%. In Toronto, one-bedroom rentals have fallen over 17% since this time last year.
This December, Torontonians will pay $2,530 for a two-bedroom rental.
Rent across Canada
Overall, nine cities experienced a downward monthly rent price change, 12 upward, and three remained flat, notes Padmapper.
Burnaby is the third priciest city to rent a one-bedroom in Canada, but rents have dropped by 2.9% to $1,670.
Victoria is the fourth most expensive market, with one-bedroom rent decreasing by 1.2% to $1,630.
With one-bedroom rents climbing 4.1% to $1,510 Kelowna is now the fifth-priciest market in Canada. On a year-over-year basis, one-bedroom rent is up nearly 12% in the B.C. city.
Photo via Padmapper.ca
The report is based on all data available in the month before publication. Any data that is reported does not include short term or Airbnb listings.