Vancouver continues to see the country’s most expensive rent.
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Vancouverites continue to see the highest rents in Canada in January 2022, despite a slight price drop this past month.
Liv.rent, a rental platform based in Vancouver, produces monthly rental reports for the region and finds that Metro Vancouver has seen a significant price increase.
“After last month’s dramatic price action, rents in Vancouver have maintained their high peaks into the new year, with average rents just $4 below December’s levels,” the company explains.
Despite a sudden jump from $1,791 in November to $1,831 in December, rent averages have held their ground in many metro Vancouver cities and now stand at $1,827 in total for an unfurnished one-bedroom apartment on the way to the new year.
Victoria has the second highest rent for an unfurnished one-bedroom apartment, $1,811. After Victoria is Toronto, with a bedroom that costs $1,1678. Ottawa has the fourth highest rent, at $1,495.
Average Rent in Metro Vancouver
In Richmond, tenants now have to spend a lot more for a furnished apartment, with the average price of units rising a whopping 68.4 percent since last month. West Vancouver and Coquitlam also saw huge increases for furnished units, at 33.26 percent and 20 percent, respectively.
For unfurnished one-bedroom units, Surrey saw the biggest increase this month with a price increase of 9.6 percent. In contrast, prices in New Westminster fell by 7.16 percent.
Prices remained broadly stable in Downtown Vancouver heading into the new year, with rents for furnished units falling only slightly (0.41 percent) and unfurnished units falling just 6.11 percent.