While it’d be nice to imagine some small city tucked away from all the madness when it comes to rising rental rates, the fact of the matter is, Vancouver is the most expensive city in Canada for renters. In fact, Rentals.ca calculates that rent is up 4.9% in Vancouver over the last three months – at a time of year the housing market is supposed to cool down a bit.
According to the December 2022 Rent Report, average monthly rents in Canada have surpassed $2,000, “with no signs of slowing down.” While there’s not much to say regarding rent decreases in Metro Vancouver, we can point out some cities in BC that experienced the lowest rent increases in the province – and share some places elsewhere in Canada worth looking into if you’re up for relocating.
Rent in Metro Vancouver
We’ll rip off the bandaid and start with the most expensive: The average monthly rent for a one-bedroom in Vancouver is currently $2,661 (up from $2,633 in November). And that’s nothing compared to the rate of a two-bedroom, which currently sits at $3,707 per month (up from $3,598 in November).
Renting in Burnaby is slightly better, but only just. The average monthly rent for a one-bedroom is currently $2,363 for a one-bedroom (up from $2,304 in November) and $3,120 for a two-bedroom (up from $2,968 in November).
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Now, for cities around Vancouver with lower rent increases.
While Victoria is by no means “affordable,” the average rent for a one-bedroom increased from $2,069 in November to $2,099 in December. And the rate for a two-bedroom in Victoria actually went down from $2,698 per month to $2,675. A small win, but a win nonetheless!
In Kelowna, a one-bedroom currently averages at $2,039 per month to rent (up from $2,032 in November). The cost of a two-bedroom, however, experienced a larger increase – from $2,544 in November to $2,623 in December.
Lastly, while there is no current data available on Rentals.ca for Surrey, the average monthly rent in November was $1,895 per month for a one-bedroom and $2,316 for a two-bedroom. This is up 20.1% and 18.7% respectively from November 2021.
So, if you’re considering leaving the west coast in pursuit of something more affordable, consider St. Catherines, Barrie, London, and these other cities in Ontario, which experienced a decrease in average rent from last month.
Well, that’s all for now, Vancouver. The day rent inflation takes a break is a day we’ll all remember forever.
