One bedroom apartment rents have jumped most in Vancouver

In regards to an article in The Vancouver Sun, rent for one-bedroom  apartments in Vancouver rose more than any other major Canadian city over the past year.

The cost of a one-bedroom rental in Vancouver has risen more on average than in any other major Canadian city

According to the latest National Rent Report, the average monthly rent for a one-bedroom home in Vancouver rose 13.2% to $2,179 from December 2020 to December 2021.

The cost of a 2-bedroom unit in Vancouver was $2,983 - an increase of 9.7% compared to December 2020.

The increase in cost of a 2-bedroom rental apartment in Toronto was 11.64% during the year. However, the largest jump in that category was in Gatineau, Quebec, that saw an 18% increase in the two-bedroom category.

Across the country, the average cost of a one-bedroom apartment rose 2.73% and a two-bedroom rose 3%.

Rents actually fell during the first year of the COVID-19 pandemic but have now recovered.

The lowest point was in April 2020, a month after the pandemic was declared in Canada, with a 9% drop from December 2019.

The average cost of a one-bedroom home rental in Victoria rose less that 1% to $1,566 a month over the past year.

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