Saturday, May 18, 2024

Housing hell: Rent costs across country up by nearly 7% since this time last year

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According to the most recent rental report by Zumper, a platform for finding and leasing rentals throughout North America, rent is up by nearly 7% across Canada. 

Specifically, the one-bedroom rate climbed 6.8% ($1,889 per month) and the two-bedroom rate increased 6.7% ($2,335 per month); however, these numbers are low compared to what the going rate for rent in Victoria is. 

Holding onto the fourth most expensive major Canadian market title, Victoria’s current average rate for a one-bedroom home is $2,080 per month while a two-bedroom home will cost around $2,620. 

Month-over-month, Victoria’s rent rate has increased by 2.5% for one-bedrooms and 2.2% for two-bedrooms. 

On a year-over-year basis, the rate at which rent is increasing in Victoria is low when compared to other cities at 4% and 3.1% for one-bedrooms and two-bedrooms specifically.

Cities like Edmonton have been the reason why the yearly rates of increase are around double what they are monthly. 

Over the last year, Edmonton’s average rent for a one-bedroom has gone up by 28.2% while two-bedroom homes have increased 22.3%. 

Despite this rate of increase, rent in Edmonton will cost around $1,320 for a one-bedroom and a two-bedroom goes for approximately $1,590 per month. 

This makes Edmonton the third least expensive major Canadian city, according to Zumper. 

The most expensive city to rent in remains Vancouver. 

In Vancouver, a one-bedroom costs around $2,650 per month, while a two-bedroom will cost someone $3,790 per month to rent. 

Close behind Vancouver are Toronto and Burnaby, followed by Victoria with Halifax trailing closely.

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Curtis Blandy
curtis@victoriabuzz.com

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