Rental rates fell in May in many Canadian cities, according to a newly-launched survey, but that doesn’t mean renting a place to live is suddenly super-cheap.
A two-bedroom apartment in Vancouver rents for $1,000 more than a similar place in Toronto, according to rental site Padmapper — $2,780 a month, compared to $1,650 in Toronto, the second-most expensive city on the list.
The site used data from thousands of listings to determine the median price of apartments across 25 metro areas across Canada, and Vancouver topped the list of priciest rentals.
If you’re a Vancouverite looking to upgrade to a two-bedroom place from a one-bedroom place, you’re going to need an extra $1,080 a month ($2,780 for two bedrooms versus $1,700 for one).
That difference is basically twice what it costs to rent an entire apartment in Saguenay, Que., the least expensive city on the list, where one bedroom will run you a mere $550, and you can get two bedrooms for $80 more.
Rental rates falling at the moment
The Padmapper survey showed that rental rates fell in some of Canada’s hottest rental markets in June from May, with Vancouver registering a 2.3-per-cent decline in rental rates and two-bedroom rates falling 0.7 per cent.
In Toronto, two-bedroom places were down 1.2 per cent but one-bedroom apartments were up 1.5 per cent.
But one-month changes in prices are very volatile, and Padmapper’s recently-launched survey doesn’t have older data to compare prices today with a year ago.
A vacancy sign outside a rental apartment in Victoria, BC, Canada. (Photo: Don Denton/The Canadian Press)
Still, numbers from other (not perfectly comparable) surveys suggest rental rates have risen over the past year. A Rentseeker survey carried out last fall found it cost an average of $1,368 to rent a two-bedroom apartment in Vancouver at that time, while in Toronto it cost $1,288.
Market observers say rapidly rising prices in Toronto and Vancouver are putting upward pressure on rental prices, especially rental condos.
“We noticed condo prices began to accelerate in the second half of ,” Urbanation vice-president Shaun Hilderand said of Toronto recently.
“Rents had been pretty flat for two or three years before that.”
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From a treehouse in the middle of Atlanta to a 4,000-square-foot pool property in Turks and Caicos, these are some of the world's most outrageous properties you can rent for your next vacation. While most of these are considered luxury rental properties, the price tag on some may surprise you. Either way, they're sure to cause vacation-envy. (Photo: FlipKey and Airbnb)
Among Ubud's rice paddies you'll find this relaxing Indonesian-style villa. Not only does the house have a private infinity pool, it also has huge solid stone bathtubs off of two of the bedrooms. The villa sleeps eight people in its four bedrooms and comes with its own housekeeping staff, complete with a private chef and in-house massages. What It Will Cost You: Rates start at $450 per night, available through FlipKey. RELATED: Bali's Secret Wonders (Photo: FlipKey)
This 11,000-square-foot villa sits on the shores of Kahekili Beach in Maui, ideal for snorkeling, kayaking, and surfing. The villa embraces indoor-outdoor living with a Chinese pool pavilion and a swimming pool that wraps around the house. The villa also has a billiards room, screening room, fitness center, outdoor dining area, and comes with a full staff. Each of the eight bedrooms has an en-suite bathroom, some with private lanais. In total, the property sleeps 12 people. What It Will Cost You: Rates start at $8,250 per night, available through FlipKey. (Photo: FlipKey)
Dating back to the early 19th century, Villa Le Scale was originally a summer home for a noble family. Its recent restoration boasts incredible Mediterranean design complete with unique bathrooms, a heated pool, two acres of gardens, an outdoor dining area, al-fresco shower, and more. The seven bedroom villa—five bedrooms are located in the main house and two in the guest house—sleeps 14 people and also comes with a full staff. What It Will Cost You: Rates start at $4,292 per night, available through FlipKey. (Photo: FlipKey)
Live like true Parisian royalty in this famous castle built in 1679 by the same architect, Mansart, who designed Chateau de Versailles. Located about 20 minutes outside Paris, the mansion has seven bedrooms and sleeps 12 people. Along with an outdoor recreation area, a massive dining table, exquisite French decor, and vintage bathtubs, the house also comes with a housekeeping staff. What It Will Cost You: Rates start at $1,690 per night, available through FlipKey. RELATED: 7 Luxe Hotels Where You Can Sleep Like Royalty (Photo: FlipKey)
This 11-acre estate hosted Beyonce during her stay in San Francisco for her Super Bowl 50 performance, so you know it's fit for a queen. From the rooftop garden and private orchard to infinity pool and spa, you'll be able to enjoy the 270-degree view of San Francisco and Silicon Valley. Complete with a wine room, fitness center, full bar, outdoor fire pit, and game room, the house sleeps 10 people in its five bedrooms. What It Will Cost You: Rates start at $10,000 per night, available on Airbnb. (Photo: Airbnb)
Situated 40 feet from the ocean, this 12,233-square-foot villa blends indoor-outdoor living, leading to almost 150 feet of private beach. The pool itself is more than 4,000 square feet and features a waterfall, lounge, and fire pit. A bridge connects the kitchen to second living room and passes over the pool. The master suite features a Jacuzzi, bathtub, and outdoor shower, separated from the main living areas. All five bedrooms have en-suite bathrooms, and the villa sleeps up to 14 people. What It Will Cost You: Rates start at $4,000 per night, available through FlipKey. RELATED: Escape the Cold at These 5 Caribbean Destinations (Photo: FlipKey)
In the mountains of British Columbia, Askasha boasts a stream-fed indoor pool, heated decks, steam room, and a hot tub carved from stone—and that's just the start. There's also home theatre, library, wine cellar, wet bar, fitness room, and outdoor dining area. The house is built from ancient cedar and has a copper roof. Perfect for summer or winter, the villa sleeps 12 people in its four bedrooms. What It Will Cost You: Rates start at $2,518 per night, available through FlipKey. (Photo: FlipKey)
Avoid the "tourist bubble" in Mexico at this uniquely designed house located in Isla Mujeres. No seashell detail is spared, as even the shower heads and faucets are made from conch shells. The house is separated into two shells—a small round one and a tall shell—but each have their own king bed and bathroom, sleeping a total of four people in the two-bedroom house. Golf carts are available to rent to get around the island. The house also has a private pool and beach access. What It Will Cost You: Rates start at $249 per night, available through Airbnb. (Photo: Airbnb)
Located on luxurious Hamilton Island in Australia's Whitsundays, you'll find this luxury villa on its own private pebble beach. Each of the three bedrooms (with en-suite bathrooms) have their own private cabana joined to a huge communal area connected via outdoor walkways. The house sleeps nine people and there's a golf cart available for use around the island. What It Will Cost You: Rates start at $1,168 per night, available through FlipKey. RELATED: The Ultimate Guide to Australia's East Coast (Photo: FlipKey)
You have to see this treehouse (recently named "Airbnb's Most Desirable Listing Worldwide") to believe it. Located only minutes from downtown Atlanta, it's hard to picture this property in a city. With two furnished "rooms" and deck space, the treehouse sleeps two people, and guests have exclusive access to the basement bathroom in the owner's home, about a 30-second walk away. The bed can even be rolled out onto a platform to overlook the stream below. What It Will Cost You: Rates start at $350 per night, available through Airbnb. Read the original story: 10 Outrageous Properties You Can Rent on Vacation by Ashley Rossi, who is a regular contributor to SmarterTravel. (Photo: Airbnb)
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