North Vancouver is at the top of the charts with an average rent that is higher than Vancouver and Toronto
November marks the second month in a row in which the top five most expensive cities to rent in Canada are all based in B.C., with North Vancouver at the top of the list.
The high rental averages can be attributed to the combination of interest rate hikes and inflation as well a low vacancy rate that is putting pressure on pricing. Renters could see prices remain high for the coming months, according to liv.rent. In the city of Vancouver, the average rent for an unfurnished, one-bedroom is $2,594 with Downtown, Kitsilano and Fairview as the top three most expensive neighbourhoods.
The reasons behind this incline can be attributed to a low vacancy rate and its pandemic-related attractiveness.
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