A new survey of rental data puts Toronto ahead of Vancouver for the most-expensive one-bedroom apartments in the country.
The average rent for a vacant one-bedroom apartment in Toronto is $2,242 this month compared to $1,828 in Vancouver, according to numbers for May 2019 collected by Rentals.ca.
For two-bedroom apartments, though, Vancouver is still the most-expensive market in Canada.
The average rent for a vacant two-bedroom apartment in Vancouver is $2,915 a month compared to $2,731 in Toronto.
Rentals.ca’s numbers are based on listings for vacant or soon-to-be vacant rental properties posted at its website. They therefore exclude rents paid by ongoing tenants.
PadMapper is another rental-listings website that similarly tabulates rental data by looking at asking prices for vacant units. For May 2019, it also has Toronto outpricing Vancouver for one-bedroom apartments.
According to PadMapper, a one-bedroom in Toronto is going for $2,250 this month compared to $2,130 in Vancouver.
But again, for two-bedroom units, Vancouver tops the list of most-expensive rental markets in Canada.
The average asking price for a two-bedroom in Vancouver stands at $3,090 compared to $2,850 in Toronto, according to PadMapper.
In recent months, purchase prices for houses and condos in Vancouver have finally begun to fall after years of only moving up. However, as the Straight reported earlier this year, for many residents, the declines have yet to equate to affordability.