File photo.
A report that analyzes the rental market among Canada’s largest cities has ranked Victoria the sixth most expensive place to rent in the country.
The report comes from PadBlogger, which collects its data through active listings throughout Canada to calculate median asking rents for the top 26 most populous metro areas.
The survey found the median rental price for a one-bedroom home in Victoria last month was $1,230, an increase of 2.5 per cent from December.
PadBlogger list of most expensive cities to rent in Canada. Victoria is ranked sixth.
The report says the cost of a one-bedroom rental has actually decreased by 7.5 per cent in year-to-year figures.
Two-bedroom homes remained steady with a median price of $1,510, although that is an increase of 7.9 per cent from the previous year.
Crystal Chen authored the report and said higher demand and lack of supply helped to boost the price of two-bedroom units in Victoria over the last 12 months.
Chen said one bedroom homes either had less demand or had more stock built compared to last year.
“Though one bedroom rent is on a downward year over year trend, it is still incredibly expensive, especially when compared to the rest of the nation, ranking just out of the top 5 markets,” Chen said.
Toronto remains the most expensive city to rent according to the report, with a median price of $2,060 for a one-bedroom unit.
Vancouver’s two-bedroom market tops the list at $3,200 a month, $650 more than the next highest median price in Toronto.
Andy Neal
