The pandemic has played a role in this.
When it comes to the most expensive rent in cities across Canada, Toronto has been beaten out by another Canadian spot as being the most costly.
According to a report provided to Narcity by liv.rent that looks at rental prices in the first three months of 2021 compared to the same time in 2020, Vancouver has now surpassed Toronto for the highest average rent.
The report says this change is partly because of how the COVID-19 pandemic has impacted the real estate market in Canada. It turns out that rent prices in Vancouver have been the least affected by COVID-19.
For a furnished one-bedroom home, the average cost at the beginning of 2021 was $1,890 in Vancouver, $1,723 in Toronto and $1,428 in Montreal.
The average rent at the start of the year for an unfurnished one-bedroom was $1,676 in Vancouver, $1,685 in Toronto and $1,200 in Montreal.
Who are Canada's renters?
According to the report, there has been a decline in the number of young people who are renting a place to live in Canada since January 2021.
So far this year, 29% of renters were under 25 years old in January, 28% in February and 27% in March.
The 25 to 34 age group accounted for 45% of tenants in January and February and then 46% in March.
People between the ages of 35 and 44 made up 15% in January and 16% in both February and March.
When it comes to the older age groups, 7% of renters were between 45 and 54 years old and 4% were older than 55 in all three months.