Canadian Rent Report: The rental market continues to recover

In total, 16 cities experienced an upward trend in rents, 5 markets fell and 3 remained stable. The Canadian rental market appears to be recovering steadily, as the upward trend in rental prices in most markets has continued for the previous 2 months.

Toronto rent drops to 4th, lowest level in more than 4 years

For the very first time, Toronto fell from the top 2 markets to rank 4th most expensive city. Rent for a bedroom in Toronto saw the biggest monthly decline in the country, falling 5% to $ 1,710, the lowest since February 2017. Meanwhile, Burnaby and Barrie edged out Toronto in becoming 2nd and 3rd respectively.

Top 5 most expensive markets

1. Vancouver, BC continued to rank as the most expensive city with one- and two-bedroom rents climbing 2.6% to $ 2,000 and $ 2,800 , respectively.

2. Burnaby, BC moved up a spot to second most expensive city, overtaking Toronto, with one-bedroom rent increasing 2.9% to $ 1,750. Two-bedroom units experienced a more moderate growth rate, up 0.4% to $ 2,280.

3. Barrie, Ont. Jumped one spot to become the 3rd most expensive with one-bedroom rent climbing 4.8% to $ 1,730, while two-bedroom rent rose 4.9% to reach $ 1,920.

4. Toronto, ON, fell 2 spots to No. 4, the first time it has fallen outside the top 2, with one-bedroom rent down 5% to $ 1,710. Two-bedroom apartments, meanwhile, fell 5.3% to $ 2,200.

5. Victoria, British Columbia remained the 5th most expensive, with rent for one bedroom increasing 4.4% to $ 1,670, while rent for two bedrooms increasing 0.5% to $ 2,080.

Cities with the biggest monthly changes

To the top

–Quebec, QC, recorded the strongest monthly rental growth rate, climbing 5.3% to $ 790.

–Kitchener, Ont., Saw its rent increase 5.1% to $ 1,450 and rank 9th most expensive city.

–Regina, Sask. Gained a spot to become the 22nd most expensive rental market with one-bedroom rent up 4.6% to $ 910.

Down

–Abbotsford, BC dropped 3 spots to place 15th with rent down 4.5% to $ 1,270.

–Halifax, NS, saw its rent drop 3.8% to $ 1,280, falling 2 places to the 14th highest price.

–Windsor, ON was the 18th most expensive city with rent falling 1.8% to $ 1,080.

Complete data

1 bedroom2 bedrooms
Pos.CityPriceH / H%Y / Y%PriceH / H%Y / Y%
1Vancouver$ 2,0002.60%-3.40%$ 2,8002.60%-2.40%
2Burnaby$ 1,7502.90%3.60%$ 2,2800.40%-0.90%
3Barrie$ 1,7304.80%10.90%$ 1,9204.90%18.50%
4Toronto$ 1,710-5.00%-18.60%$ 2,200-5.20%-18.50%
5Victoria$ 1,6704.40%4.40%$ 2,0800.50%4.50%
6Oshawa$ 1,5901.30%15.20%$ 1,640-0.60%7.90%
7Kelowna$ 1,5202.70%5.60%$ 1,8905.00%8.00%
8Ottawa$ 1,5001.40%3.40%$ 1,8002.30%1.10%
9Kitchener$ 1,4505.10%5.80%$ 1,6704.40%4.40%
9Hamilton$ 1,3901.50%0.70%$ 1,7000.00%4.90%
11Montreal$ 1,360-1.40%-5.60%$ 1,8000.60%0.00%
12Kingston$ 1,3300.80%8.10%$ 1,520-4.40%2.70%
12Saint Catherine$ 1,3000.00%4.00%$ 1,6003.20%10.30%
14Halifax$ 1,280-3.80%15.30%$ 1,680-4.00%14.30%
15Abbotsford$ 1,270-4.50%15.50%$ 1,8502.80%15.60%
16London$ 1,2600.80%5.90%$ 1,5601.30%12.20%
17Calgary$ 1,1300.90%0.00%$ 1,330-1.50%1.50%
18Windsor$ 1,080-1.80%14.90%$ 1,350-3.60%18.40%
19Winnipeg$ 1,0601.00%6.00%$ 1,3100.80%0.80%
20Saskatoon$ 9502.20%4.40%$ 1,0901.90%0.00%
20Edmonton$ 9300.00%-3.10%$ 1,1900.80%-4.80%
22Regina$ 9104.60%2.20%$ 1,0901.90%1.90%
23St. John’s$ 8800.00%3.50%$ 9601.10%6.70%
24Quebec$ 7905.30%-15.10%$ 1,000-3.80%-6.50%

About

The PadMapper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country. The listings are then aggregated on a monthly basis to calculate median asking rents for the 24 most populous metropolitan areas, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication. Reported data does not include short-term registrations. Check out our full methodology here.

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