The province is home to the most popular urban markets for renters
Five of the 10 most popular Canadian urban markets for renters are situated in British Columbia, according to a new report by Rentals.ca and Bullpen Research & Consulting.
The study found that Burnaby was the most favoured market for renters in Canada. Vancouver came in at fourth in the list of 25 cities, while New Westminster was in fifth. Richmond ranked sixth and North Vancouver landed at seventh.
On the other hand, rental demand has noticeably cooled in Surrey and Victoria, which ranked 13th and 14th respectively. The two cities were previously among the top 10 renter destinations during Q3 2020 and Q3 2021, the report said.
The average rent rate across Canada stood at $2,043 per month in September, representing increases of 4.3% monthly and 15.4% annually. The September level was also 21.9% higher than the recent low of $1,676 per month seen in April 2021.
“Continued strong demand, plus the completion of a number of new purpose-built rental apartments with higher rents, contributed to the significant annual rent increase,” Rentals.ca said.