Average monthly rent for a one-bedroom home in Vancouver rose 13.2 per cent to $2,176 from December 2020 to December 2021, according to A report
Rent for one-bedroom apartments in Vancouver rose more than in any other major Canadian city over the past year, according to data released on Sunday by a real-estate advisory firm and a rentals website.
According to Bullpen Research and Consulting and rental.ca’s latest National Rent Report , the average monthly rent for a one-bedroom home in Vancouver rose 13.2 per cent to $2,176 from December 2020 to December 2021.
The cost of a two-bedroom home rental in Vancouver was $2,983 — an increase of 9.7 per cent compared to December 2020.
The increase in cost of a two-bedroom apartment rental in Toronto was 11.64 per cent during the year. However, the largest jump in that category was in Gatineau, Quebec, that saw an 18 per cent increase in the two-bedroom category.
In a prepared statement, the research company said that across Canada the average cost of a one-bedroom apartment rental rose 2.73 per cent, and a two-bedroom home rental rose three per cent.
The company said rents fell during the first year of the COVID-19 pandemic but had now recovered.
The lowest point was in April 2020, a month after the pandemic was declared in Canada, with a drop of nine per cent from December 2019.
“It is too early to tell if Omicron will have a prolonged deflationary impact on the rental market, but Bullpen Research & Consulting and Rentals.ca still believe there will be significant upward growth in rents in 2022 in Canada’s major markets,” said Ben Myers, president of Bullpen Research & Consulting.
The average cost of a one-bedroom home rental in Victoria rose less than one per cent to $1,566 a month over the past year.
According to the company, the National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on rentals.ca for 35 cities across Canada.
