1 Bedroom Median Rent Prices Across Canada
Kyle Dovigi
Real Estate Investment Expert specializing in Pre-Construction ??| I educate my clients and help them find the best investment opportunities in Canada??
According to data from Zumper, 3 of the most expensive cities in Canada to rent a 1 bedroom were in BC (Vancouver, Burnaby and Victoria). Toronto was just behind Vancouver with a median 1 bedroom renting for $2,100 (up 5% MoM and 22.8% YoY). 2 Bedrooms are renting for $2,700 (up 2.7% MoM and 22.7% YoY).
Large cities have fared much better over the last 12 months than small cities like Barrie whose rents were actually down 3.5% YoY. This is no surprise as the effects of Covid unwind and people are again returning to urban centers.
What is shocking is that Calgary only ranks #18 on the list, even after rental prices increased 16% YoY. Most of the rental inventory in Calgary was build over 25 years ago and new properties are renting at significant premiums to the median.
With average vacancy rates of just 1% in Calgary and a very competitive rental market, rental rates in the city will be increasing further.
Full Data Table