(Posted on Dec 23, 2016 at 07:10PM by Michelle Bogle)
While the average rent for a one-bedroom apartment in Vancouver dipped by 1.1% this month, the city still holds the highest rent for that home type across Canada.
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On average, Vancouver tenants pay $1,820 for an apartment with one-bedroom. This figure beats out Toronto ($1,500 for a one-bedroom), Victoria ($1,220), Montreal ($1,100) and Calgary ($1,080).
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According to Greg Vanderhorst from PadMapper, the reason for the drop isn’t entirely known. “It is unclear whether the falling one-bedroom prices are due to the recently passed legislation or merely seasonality that we frequently see in the rental market as we get into the winter months.â€Â
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On the other hand, two-bedroom apartments in Vancouver experienced a rent increase in December, which was up 3.7% to $3,030.
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To view the PadMapper Canadian Rent Report in its entirety, please click here. Or, to learn more about multi-family investment opportunities across the Lower Mainland, please contact our Vancouver office to speak with a commercial real estate broker.Â