The average monthly rent for a one-bedroom home in Vancouver rose 13.2% to $2,176 from December 2020 to December 2021, report says

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One-bedroom apartment rents in Vancouver have risen more than any other major Canadian city in the past year, according to data released Sunday by a real estate consulting firm and leasing website.

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According to Bullpen Research and Consulting and Rental.ca’s latest national rent report, the average monthly rent for a one-bedroom home in Vancouver increased 13.2% to $2,176 from December 2020 to December 2021 .

The cost of renting a two-bedroom home in Vancouver was $2,983, an increase of 9.7% from December 2020.

The increase in the cost of renting a two-bedroom apartment in Toronto was 11.64% during the year. However, the biggest jump in this category occurred in Gatineau, Quebec, which saw an 18% increase in the two-bedroom category.

In a prepared statement, the research firm said that in Canada, the average cost of renting a one-bedroom apartment increased by 2.73% and renting a two-bedroom house increased by 3%.

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The company said rents fell in the first year of the COVID-19 pandemic, but have now recovered.

The lowest point was reached in April 2020, a month after the declaration of the pandemic in Canada, with a decrease of 9% compared to December 2019.

“It is too early to tell if Omicron will have a prolonged deflationary impact on the rental market, but Bullpen Research & Consulting and Rentals.ca continue to believe there will be significant rental growth in 2022 in Canada’s major markets,” said Ben Myers. , president of Bullpen Research & Consulting.

The average cost of renting a one-bedroom home in Victoria has risen less than 1% to $1,566 per month over the past year.

According to the company, the National Rent Report charts and analyzes monthly, quarterly and annual rental market rates and trends at the national, provincial and municipal levels for all rentals.ca listings for 35 cities across Canada. .


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