According to the most recent rental report by Zumper, a platform for finding and leasing rentals throughout North America, rent is up by nearly 7% across Canada.
Specifically, the one-bedroom rate climbed 6.8% ($1,889 per month) and the two-bedroom rate increased 6.7% ($2,335 per month); however, these numbers are low compared to what the going rate for rent in Victoria is.
Holding onto the fourth most expensive major Canadian market title, Victoria’s current average rate for a one-bedroom home is $2,080 per month while a two-bedroom home will cost around $2,620.
Month-over-month, Victoria’s rent rate has increased by 2.5% for one-bedrooms and 2.2% for two-bedrooms.
On a year-over-year basis, the rate at which rent is increasing in Victoria is low when compared to other cities at 4% and 3.1% for one-bedrooms and two-bedrooms specifically.
Cities like Edmonton have been the reason why the yearly rates of increase are around double what they are monthly.
Over the last year, Edmonton’s average rent for a one-bedroom has gone up by 28.2% while two-bedroom homes have increased 22.3%.
Despite this rate of increase, rent in Edmonton will cost around $1,320 for a one-bedroom and a two-bedroom goes for approximately $1,590 per month.
This makes Edmonton the third least expensive major Canadian city, according to Zumper.
The most expensive city to rent in remains Vancouver.
In Vancouver, a one-bedroom costs around $2,650 per month, while a two-bedroom will cost someone $3,790 per month to rent.
Close behind Vancouver are Toronto and Burnaby, followed by Victoria with Halifax trailing closely.
