(Stock photo)

Victoria has been ranked as the fifth most expensive city in Canada for apartment rentals, according to a monthly report.

Listing website PadMapper’s August Canadian Rent Report says that the average price for a one-bedroom apartment in Victoria was $1,590 as of July 2020.

That figure is down 0.6 per cent from last month. Two-bedroom prices in B.C.’s capital city held steady from last month at $1,990.

On a yearly basis, prices for both apartment types are up 15 per cent.

The report analyzed hundreds of thousands of listings across the country to calculate median rents in the 24 most populous metro areas in Canada.

Victoria dropped one place from last month’s report and now sits behind Barrie, ON, where prices jumped 5.1 per cent—the highest monthly growth in the country.

Ahead of Barrie in fourth place, the three most expensive cities in Canada were:

  1. Toronto – one-bedroom rent stayed flat at $2,100, while two-bedrooms decreased 1.9% to $2,650. Year to year rents fell, with one bedroom apartment prices dropping 7-8%.
  2. Vancouver – One-bedroom rent took a 0.5% dip to $2,060, while two-bedrooms dropped 2.4% to $2,800. On a year-over-year basis, one and two-bedroom prices have fallen 6.4% and 9.4%, respectively.
  3. Burnaby – saw one-bedroom rent increase 1.2% last month to $1,710, while two-bedrooms remained flat at $2,300. One-bedroom rent rose 8.9% since this time last year.

Kelowna jumped two positions from last month to rest just outside the top five at sixth place, with one-bedroom apartments increasing 4.2 per cent in price to $1,480.

The highest monthly drop in prices was in Saskatoon, where one-bedrooms fell 2.2 per cent to $890, and two-bedrooms decreased 4.6 per cent to $1,040.