If you’ve been struggling to find an affordable place to rent in New West, you’re not alone — New Westminster is one of the most expensive mid-size cities in Canada, according to a recent report.
The National Rent Report from Rentals.ca and Urbanation showed average asking rents in Canada rose 20 per cent in April over their pandemic low in April 2021 — from $1,662 to $2,002.
That number includes all property types over all markets.
“Canadians have been accustomed to increasing rents after the pandemic,” said Matt Danison, CEO of Rentals.ca, in a media release. “Record immigration with most newcomers renting, high interest rates keeping first-time home buyers on the sidelines, and inflation are all drivers of rising rents, increasing demand and low vacancy rates.”
Vancouver led the way as the most expensive of 35 listed cities, with an average monthly rent in April of $2,787 for a one-bedroom and $3,741 for a two-bedroom. Toronto followed at $2,526 for a one-bedroom and $3,290 for a two-bedroom. Burnaby was third, with one-bedroom rent at $2,330 and two-bedroom at $3,230.
Mid-sized markets: New West has fourth-highest rents in B.C.
Among mid-size markets, New Westminster staked its claim as the fourth-most-expensive rental market in B.C. and 13th in Canada for purpose-built and condo rental apartments.
Oakville, Ont. Led the way, with average asking rent of $3,413.
In B.C., the five most expensive medium-sized markets (for purpose-built and condo rental apartments) were:
- Burnaby: $2,894
- Coquitlam: $2,788
- Richmond: $2,723
- New Westminster: $2,463
- Kelowna: $2,380
For New West, that number represents an annual increase of 17.2 per cent.
The biggest annual change for mid-size markets in B.C. was Coquitlam, which saw an annual increase of 24.4 per cent. Burnaby came in at 19.1 per cent.
Follow Julie MacLellan on Twitter @juliemaclellan.
Email Julie, [email protected]
