Victoria is the sixth most-expensive city in Canada for one-bedroom rental prices, and the third priciest in the province, according to the latest monthly survey from Padmapper.
The rental website’s May snapshot of its current listings found the median one-bed unit in Victoria going for $1,240 a month, and the median two-bed for $1,530.
The median rental prices of Padmapper’s advertised units fluctuate each month, based on the current listings. But longer-term comparisons tend to show more accurate trends – and Victoria's current one-bed prices are flat with last year, while two-bed rents are up 5.5 per cent.
Vancouver is still the most expensive city in Canada in terms of median rents on one- and two-bedroom units. The median one-bed rent is $2,100 a month, which is 4.5 per cent higher than in April and slightly higher than Toronto’s $2,080. Vancouver’s current one-bed price is 8.2 per cent higher than a year ago.
At a whopping $3,200 a month in May, Vancouver’s two-bedroom median rental prices remain by far the most expensive in the country for that property type, with Toronto again in second place at $2,560, according to Padmapper. However, Vancouver’s two-bed prices haven’t risen since April and are 1.2 per cent lower than the snapshot in May last year.
Burnaby remains the third-priciest city in the country for both one- and two-bed rental units, at a current median of $1,560 and $2,150 a month. That one-bedroom median rent is an even higher month-over-month climb than Vancouver’s at 4.7 per cent up from April. With Burnaby proving a scorching rental market, one- and two-bed median rents are up 11.4 and 15.6 per cent year over year, respectively.
Kelowna is the other B.C. city in the national top 10 priciest rental rankings. Kelowna dropped from seventh place in April to 10th place in May, due to its median one-bed unit prices on Padmapper falling 2.6 per cent in that time.
Check out the top 10 list in the main image above and full details of rental prices below.