Victoria remains one of the most expensive places to rent a home in Canada

A recent report has highlighted that British Columbia and Ontario continue to be the most expensive provinces to rent a home Canada.

According to PadMapper, for the month of March, Victoria moved up a spot to rank as the 4th priciest city with one-bedroom rent increasing 1.9% to $1,600, and two-bedroom rent growing 0.5% to $2,000.

Ranking number one across the country for highest rent, Vancouver saw one-bedroom rent drop 2.1% to $1,900, while two-bedrooms remained flat at $2,630.

Also in the top 5, Toronto’s one-bedroom rent decreased 1.1% to $1,750, while two-bedrooms inched up a slight 0.4% to $2,350. Notably, one-bedroom rent in this city has fallen 21.5% since this time last year.

Burnaby’s one-bedroom rent dropped 1.2% to $1,660, while two-bedrooms grew 0.5% to $2,200.

One bedroom units in Abbotsford experienced the largest monthly growth rate in the nation, jumping 4.8% to settle at $1,310.

The PadMapper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents for the top 24 most populous metro areas.