British Columbia remained the most expensive province for renters in May, despite a three per cent annual decline in average rental prices in the province.
The latest report from Urbanation and Rentals.ca says the average price for rental apartments in B.C. last month was $2,462. That compared to the national average of $2,118.
North Vancouver remained the most expensive place in Canada to rent a one bedroom at $2,620, even with a near five per cent decline from one year ago.
Meanwhile, the average price for a one bedroom in Victoria was $2,053. That’s a 5.3 per cent year-over-year decline for the B.C. capital.
Kelowna makes the top 25 on the list of cities with highest average rents. The Okanagan city saw rents down nearly one per cent from last year at $1,968 for a one bedroom.
The cost of a two-bedroom apartment in B.C. fell four per cent to $2,758 in May. However, three-bedroom apartment rents increased across Canada compared to a year ago, including a seven per cent increase in B.C. to $3,478.
Across Canada, rents have declined year-over-year for the past eight months, but rents still remain higher overall than a few years ago. The report says “rental affordability has worsened overall since COVID-19, despite recent softening in rents.”
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