Despite a continued decline in prices, a new report says Vancouver remains the most expensive city in the country to rent a home.
The report, by Zumper.com, says a one-bedroom in Vancouver cost $2,500 in October — down by 0.8 per cent from September and 3.8 per cent from October last year.
Burnaby is close behind, with a median price of $2,300 for a one-bedroom — down by 3.4 per cent from last year.
Meanwhile, the report says rental prices in some prairie cities have increased, including Regina, Sask., where the median is up by four per cent from the previous year, and Saskatoon, Sask. — up 4.8 per cent.
“This stark contrast between the cooling coastal markets and resilient Prairie cities may be reflecting broader economic patterns, with resource-based economies and more affordable markets attracting renters,” Zumper analysts said.
Nationally, rental prices have declined by 4.2 per cent since October last year.
The Zumper Canadian Rent Report analyzes rental data from over 50,000 active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents.