Vancouver still the most expensive rental market

The average rent for a Vancouver one-bedroom apartment has remained the same or declined over the last seven months, according to a new report.

Despite the finding, Vancouver remains the most expensive city for rental housing in Canada.

The rent report, released this week by rental listing site Zumper, examined the cost of rental housing across Canada and found that the largest increases in rent were found predominantly in cities where rent had previously been considered affordable.

Cities already experiencing high rents have seen prices remain the same.

While rents in Vancouver remained flat or in decline, the city continued to hold top spot as the most expensive rental market in Canada.

The report found that the average price of a Vancouver one-bedroom apartment was $2,650 per month, while two-bedroom apartments grew to $3,790, compared with the same time last year.

Three other B.C. cities also made the report's 10 most expensive rental markets list: Burnaby, Victoria and Kelowna.

Burnaby was ranked third, with one- and two-bedroom rental apartments listed for an average of $2,440 and $3,120, respectively.

Meanwhile, Victoria saw a 2.4 per cent jump in one-bedroom rents to $2,080, and a 2.2 per cent increase in two-bedroom rents to $2,620, landing the Vancouver Island city in fourth place.

Kelowna came in ninth place, with one-bedrooms priced at $1,890, and two-bedrooms at $2,300.

Abbotsford also cracked the top 20, coming in at No. 17, with an average one-bedroom rent of $1,550 and a two-bedroom rent of $1,980.

Elsewhere in Canada, some of the biggest jumps in rent were recorded in Alberta, due to the large population of interprovincial settlers fleeing higher-priced cities elsewhere in the country.

As a result, Calgary has moved into the top 10 for most expensive rents.

The Zumper Canadian rent report is based on hundreds of thousands of active rental listings from across the country.

The figures are then aggregated monthly to determine the median asking rent for the top 23 most populous metro areas. The report doesn't include short-term rental listings.