Average Vancouver one-bedroom rent increases 13% year-over-year

Kelowna closing in on Victoria and may soon have third-highest rent in Canada

In February, the average Vancouver rent for a one-bedroom apartment in the city was $2,200 – an increase of 13.4% compared with February 2021 | Photo: Blacqbook, Getty Images

Vancouverites still pay the highest rent in Canada by far, according to Zumper, and the average amount has increased significantly over the past year.

In February, the average rent for a one-bedroom apartment in the city was $2,200 – an increase of 13.4% compared with February 2021. 

The increase for two-bedroom units was even higher. The average rent for this home type in Vancouver was $3,020, which is 14.8% higher than last year.

Toronto remains in second place, with one- and two-bedroom rents of $1,840 and $2,370, respectively. 

Victoria still had Canada’s third-highest rent, with one-bedroom units going for $1,750 and two-bedroom apartments renting for $2,290.

Victoria may not remain in third place for long, however, as another B.C. city is seeing rapid increases and may soon catch up.

“While Kelowna, the 4th priciest city, had the fastest growing rent this month, up 4.9%, Victoria, the 3rd priciest, saw the largest rental decline, falling 4.9%,” Zumper said in its report. 

“These changes bring the rents of these two markets within $40 of each other, which suggests that Kelowna may overtake Victoria as 3rd in the upcoming months.”

Zumper tracks 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 top 10 highest rents across Canada in February (source: Zumper):

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ecrawford@biv.com