A new report by rental platform Zumper on median rent prices in Canada shows that Vancouver continues to be the most expensive city the country.
According to the report, , there has been a 0.4 per cent increase month-to-month in one-bedroom rentals in the city, up to $2,480 in January, while two-bedroom rentals remained at $3,500.
The study looked at 23 cities across the country. Overall, 10 cities experienced growing rent prices in January, seven markets went downward and six remained flat. Edmonton had the largest price increase for one-bedroom rentals at five per cent from last month up to $1,050, while St. Catharines, Ont., saw the largest month-to-month decline, falling 6.2 per cent to $1,510.
The report analyzed rental data from hundreds of thousands of active listings in the most populous metro areas in Canada.
Toronto is the second most expensive city for one-bedroom rentals after a month-to-month increase of 1.8 per cent to $2,300, while the median price for two-bedrooms rentals grew 3.9 per cent to $2,950.
Burnaby, B.C., came in at third on the list for one-bedroom rentals, falling 1.3 per cent from last month to $2,200, while two-bedroom rentals saw a one per cent increase to $3,170.
Victoria ranked fourth for both one- and two-bedroom rentals, at $2,100 and $2,540, respectively.
Kelowna, B.C., was listed fifth in terms of one-bedroom rent prices after a dip of 1.5 per cent from last month to $1,920, while the median price of two-bedroom rentals dropped three per cent to $2,270.
Cities with the largest one-bedroom rent price increases month-to-month
1. Edmonton, five per cent, up to $1,050
2. Kitchener, Ont., 4.5 per cent, up to $1,860
3. Calgary, 3.3 per cent, up to $1,550
Cities with the largest one-bedroom rent price declines, month-to-month
1. St. Catharines, Ont., -6.2 per cent, up to $1,510
2. Abbotsford, B.C., -4.8 per cent, up to $1,380
