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By Liam Verster

High Rental Rates

British Columbia had nation’s highest rental rates in July

Aug 17, 2021 | 12:00 PM

VERNON, B.C. — British Columbia’s rental rates saw a big increase in July 2021 once again securing itself as having the highest average rent in the country.

Figures from Rentals.ca shows B.C’s. average rental rate for all property types rose to $2,175 in July, up 10.5 per cent from June ($1,969) and 7.2 from July of last year ($2,029).

The province’s high rental rates comes as 1-bedroom condo apartments’ rent rose to $2,116, two-bedroom units increased to $2,561, while 1-bedroom rental apartments averaged at $1,703 and 2-bedroom units were recorded at $2,364.

B.C.’s average rent was the highest in Canada, beating out second place Ontario by $151 ($2,024).

July’s figures means the province has been boasting the highest rental rates in Canada since February, when the average rental rent was $1,996.

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In the meantime, the average rent for Canada as a whole was recorded at $1,752 a month in July, up 1.8 per cent from June but down 1.1 per cent from last July.