It’s now $2,471 a month on average to rent an apartment in B.C.: report

If you are a renter in almost any city in B.C., you know rent is expensive.

A new report by Rentals.ca has found that in January, Alberta experienced the highest annual rent increase for apartments with 14.6-per cent growth.

B.C. followed closely behind with 14.4-per cent growth.

However, the average cost of renting an apartment in Alberta was $1,435 a month, with one-bedrooms averaging $1,271 and two-bedrooms averaging $1,595.

In comparison, average rents in B.C. were 72 per cent higher at $2,471 a month, with one-bedrooms averaging $2,163 and two-bedrooms averaging $2,769.

The study found, on average, apartment rents in Ontario were five per cent cheaper than in British Columbia at $2,341, with one-bedrooms averaging $2,130 and two-bedrooms averaging $2,573.

Saskatchewan was the cheapest province, on average.

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Perhaps not surprisingly, among Canada’s six largest rental markets, the report found Vancouver and Calgary had the highest increases for condominium rentals and apartment rents in January.

Vancouver is still Canada’s most expensive rental market, with rents for one-bedroom units averaging $2,755 and two-bedroom rents averaging $3,732.

Toronto comes in second place with average rents of $2,471 for one-bedrooms and $3,238 for two-bedrooms in January.

Rentals.ca also found that among medium-sized markets, the three most expensive cities for average rents in January were all in British Columbia, led by Burnaby ($2,947), Coquitlam ($2,680), and Richmond ($2,636).

The next six were all in the Greater Toronto Area.

Burnaby is now the fastest-appreciating rental market, posting a 32.7-per cent year-over-year increase in January.

New entrants into the top 20 for rent inflation during January included Red Deer (16.8 per cent), Grande Prairie (15.8 per cent), Vaughan (14.6 per cent), Oakville (14.4 per cent), and Coquitlam (14.4) per cent.

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B.C.’s Housing Minister, Ravi Kahlon, told Global News Thursday that the province is in a housing crisis and rising interest rates are not helping the matter.

“The problem is a big one that we have to address, not only in British Columbia but across North America,” he said.

“That’s why we’ve dramatically increased the investments we’re making directly into housing to support more supply coming online. And that’s why we’re also working with local governments to get the permitting process approved faster so we can get more housing online for the people that need it.”

When asked when B.C. residents might be able to see a significant change in affordability in the province, Kahlon said interest rates are the driving force of unaffordability and the provincial government has no control over those numbers.

“What we can control is getting more supply on the market,” he added. “We have been dramatically increasing supply –14,000 rental units built last year, 13,000 a year before that. And just to put it in context, we had about 2,000 units a year, 10 years ago.”

Properties listed for greater than $5,000 per month, and less than $500 per month are removed from the sample. Similarly, short-term rentals, single-room rentals, and furnished suites are removed from the sample when identifiable.