Local Community Advertising
Victoria and Kelowna remain firmly ensconced near the top of the list of the most expensive cities in the country to rent an apartment.
In April, in Victoria, the average monthly rent for a one-bedroom apartment was $1,830 (a jump of 15% from a year ago), a two-bedroom $2,380 (also up 15%).
Those prices put Victoria in 3rd spot on Zumper's list of Canada's priciest rental markets.
In Kelowna, in April, it was $1,800 for a one-bed (a significant increase of 22% from last year), $2,200 for a two-bed (an even more substantial 24% more).
That's good for No. 4 in the Zumper rankings.
The only cities where you have to dish out more in rent are in No. 1 Vancouver ($2,200 and $3,140, respectively for a one-or-two-bedroom place) and 2nd spot Toronto ($1,990 and $2,550).
"Over half of all the Canadian cities experienced growing monthly rents as well as double-digit, year-over-year rent price growth rates," said Crystal Chen, the marketing manager at Zumper, the online platform that lists apartments for rent and generates the monthly Canadian National Rent Report.
"As we enter into the warmer months, demand usually begins to pick up as leases end and more renters are thinking about their next move, which drives up competition and prices."
While you might own your own home or might not even be looking for an apartment, rents are always a prime indicator that helps gauge the health of the economy and the overall housing market.
Record-high rents in both Victoria and Kelowna are in keeping with the two cities also having the most expensive single-family home, townhouse and condominium prices ever in their history.
While exorbitant prices and rents can point to a vibrant economy, robust population growth and desirability of a city to work, live, play and invest, it also means unaffordability.
In both Victoria and Kelowna, university and college students find it hard to find -- and afford -- rentals.
For others, even if they have a full-time job, they might find it difficult to pay $1,800 a month or more on rent.
So, they need help from the bank of mom and dad, take in a roommate when they don't particularly want one or rack up debt to keep pace.
High rents also mean cities and developers aren't building enough apartment complexes to keep up with demand and help moderate monthly rents.
Barrie, Ontario rounds out the top 5 list of the most expensive rental cities with monthly rates of $1,680 for a one-bed, $2,040.
The cheapest cities in Canada to rent a place are St. John's with $880 and $950, respectively, Regina at $930 and $1,100 and Edmonton with $940 and $1,200.
When you see the rents in those three cities it really puts it in perspective that Victoria and Kelowna are twice as expensive.
Local Community Advertising