new report published<\/a> by PadMapper this week revealed that Vancouver has overtaken Toronto when it comes to the average price of a one-bedroom rental unit.<\/p>\nDespite rental costs dipping in both cities last month, Vancouver\u2019s average price dropped by 1.5 percent month-to-month to $1,950 in November, slightly higher than Toronto\u2019s average one-bedroom apartment price of $1,900, which declined by five percent monthly.<\/p>\n\n
On an annual basis, Vancouver\u2019s rental prices for both one- and two-bedroom units are down by 11 percent each, with two-bedroom apartments posting average prices of $2,680. Similarly, average rents for one-bedroom units in Toronto have fallen by 17 percent year-over-year and by 15.7 percent for two-bedroom suites at $2,530.<\/p>\n
Three other British Columbian cities made the top-five most expensive one-bedroom list out of the 24 Canadian cities PadMapper analyzed. Burnaby, Victoria and Kelowna reported rental prices of $1,670, $1,630 and $1,510, respectively. Burnaby and Victoria experienced price declines of 2.9 percent and 1.2 percent, while Kelowna experienced a price jump of 4.1 percent monthly and 12 percent annually.<\/p>\n
Across the country, nine of the 24 cities reported monthly rent declines, 12 saw prices increase and three experienced flat prices.<\/p>\n
Recent market commentary<\/a> from real estate experts point to a lack of immigrants and student renters as primary causes for low rental demand and declining prices in major Canadian cities. However, the distribution of a vaccine in 2021 to the broader public will likely help these markets rebound as the year progresses.<\/p>\n
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<\/a>Photo:\u00a0Nathan Shurr<\/a> \/ Unsplash<\/a><\/em><\/p>\n