Rental prices continue to soar in January

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Vancouver remained the priciest city for renters in Canada, but also saw a 3% decrease in rental costs this January compared to the same period last year.

In contrast, Edmonton experienced the most rapid price increase, with the average rental cost for purpose-built and condo rentals reaching $1,479, up by 17.1%.

Calgary similarly saw a significant rise, with average rents reaching $2,047, marking a 12.8% increase from the previous year.

CBC News also reported a rise in the cost of one-bedroom rentals, with prices rising by 12.6% in January.

Vancouver led with the highest average price for one-bedroom units at $2,683, followed closely by Burnaby, BC and Toronto, with average prices of $2,551 and $2,511, respectively. Saskatoon emerged as the most affordable city for one-bedroom rentals, averaging at $1,192.

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