It's no surprise that Vancouver's real estate market is incredibly expensive. At one point, it was even more expensive to live in Vancouver than Los Angeles. When you see the actual numbers of the cost of living in Vancouver, it hurts even more. The data for the average monthly rent in Vancouver for November 2018 was just released by PadMapper today and unfortunately, it's not good news. PadMapper's report ranked Canadian cities and compared which cities had the most expensive rental markets in the country.
The already sky-high rent in Vancouver has increased yet again since last month. According to Padmapper, the rent for a one bedroom unit in the city increased from $2050 in October 2018 to $2,110 this November.
Based on the findings from PadMapper, Vancouver has the second highest rent in all of Canada. The only city with more expensive rent than Vancouver is Toronto, with an average monthly rent of $2,200.
Although the price of one bedroom rentals has increased, it's not the same case for two bedrooms. The average rent price for a two bedroom unit in Vancouver has decreased from the month prior by 5.1 percent and now sits at $3,160 per month.
Besides Vancouver, several other neighbourhoods in British Columbia also made the list. Burnaby, located in Metro Vancouver, came in third and is a neighbourhood where a one bedroom rental costs $1,580 and a two bedroom, $2,250.
Victoria and Kelowna also made the top 10 list for most expensive rental markets in Canada, coming in at 6th and 7th respectively. On Vancouver Island in Victoria, the average monthly rent for a one bedroom is $1,320. In Kelowna, which is in the Okanagan region of BC, a one bedroom unit will cost you an average of $1,280 a month.
To see the full rental report for cities across Canada from PadMapper, you can visit their website.