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Rental cost of one-bedroom apartment in Vancouver jumps to $2,120

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)

It's not a treat and it's no trick either: October's median asking price for a one-bedroom apartment in Vancouver has climbed up to a scary $2,120 a month.

PadMapper's latest Canadian rent report was released Monday and shows the asking prices for Vancouver rental listings have gone up again, keeping the city in the top spot as the country's most expensive rental market.

A one-bedroom apartment in Vancouver now goes for the median asking price of about $2,120, a five-per-cent jump from last month and a 15.8-per-cent jump over October 2016. Meanwhile, a two-bedroom apartment is $3,200 a month, a 1.3-per-cent increase from September and a 14.3-per-cent increase from October last year.

Among those in the top five, most expensive cities were Toronto in second place with $1,940 for one-bedroom apartments and $2,430 for two-bedrooms, and Barrie, Ont., in third place with one-bedroom apartments priced at a median of $1,250 and two bedrooms at $1,570.

Montreal came in third place with one bedrooms at $1,230 and two bedrooms at $1,570, while Victoria was ranked the city with the fastest-growing, one-bedroom rent in the country; Victoria's one-bedroom apartments are priced at a median of $1,210 and two bedrooms were $1,560.

The PadMapper Canadian rent report looks at rental data for hundreds of thousands of active listings across Canada. Only listings for long-term rental properties from rental-management companies and smaller, independent landlords are included.

"Our rental data for our reports does not include short-term listings, so we exclude any Airbnb listings when we calculate our monthly rents," said PadMapper marketing spokeswoman Crystal Chen.

The report calculates the median rent for all advertised, available listings — not occupied units — in each city for each month.

sip@postmedia.com

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