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Average rental cost for one-bedroom apartment in Vancouver is now $2,020

Stephanie Ip

Downtown Vancouver reflecting off the glass-like surface of False Creek early in the morning. (Postmedia Network/Files)

Downtown Vancouver reflecting off the glass-like surface of False Creek early in the morning. (Postmedia Network/Files)

The average rental price of a one-bedroom apartment in Vancouver has gone up yet again in what some might call the least surprising piece of news this week.

The cost of a one-bedroom rental in Vancouver in August was $2,020, up 1.5 per cent from the previous month, according to the latest rankings released by PadMapper. Meanwhile, the rent for a two-bedroom apartment actually went down 4.3 per cent to $3,160.

That's little solace for most renters in Vancouver, which held on to its top spot on PadMapper's rankings of the most expensive rental markets across Canada. Vancouver was followed in the top five by Toronto, Barrie, Montreal and Victoria.

In Toronto, one-bedroom apartments are now renting for about $1,930, which is up 4.3 per cent from last month and up 15.6 per cent from the same period in 2016. Two-bedrooms now go for $2,440, which is down 0.4 per cent from August.

* Vancouver, B.C. – one bedroom $2,020; two bedroom $3,160

* Toronto, Ont. – one bedroom $1,930; two bedroom $2,440

* Barrie, Ont. – one bedroom $1,200; two bedroom $1,450

* Montreal, Que. – one bedroom $1,190; two bedroom $1,520

* Victoria, B.C. – one bedroom $1,150; two bedroom $1,490

Of the 25 cities ranked, Saguenay, Que. remained the most affordable metropolitan area to rent a one-bedroom apartment, with those listings going for about $640, and two-bedrooms for $730.

According to PadMapper's numbers from July, the cost of renting a one-bedroom apartment in Vancouver was previously $1,950, while a two-bedroom was $3,150.

The PadMapper Canadian Rent Report looks at rental data from thousands of active listings across Canada. Listings are compiled monthly to produce the report ranking the 25 most populous metro areas.

sip@postmedia.com

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