The Vancouver rental market is on fire with rents hitting a record high this month according to PadMapper.

Its latest figures show that a two-bedroom home will cost renters $2,800 while a one-bedroom home rents for an average $1,800. Rents are up 4.5 per cent for a 2-bed and 2.9 per cent for a 1-bed compared to September.

Elsewhere rents are also increasing with Toronto seeing a 4.6 per cent rise for 1-beds to $1,370 and a 4.8 per cent rise for 2-beds at $1,760. Victoria, Montreal and Kitchener are among the other cities with sharp rises rents.

Overall, 17 of the 25 cities analyzed by PadMapper showed increased rents.
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


More market watch: