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 bedroom | 2 bedrooms | ||||||
|---|---|---|---|---|---|---|---|
| Pos. | City | Price | H / H% | Y / Y% | Price | H / H% | Y / Y% |
| 1 | Vancouver | $ 2,000 | 2.60% | -3.40% | $ 2,800 | 2.60% | -2.40% |
| 2 | Burnaby | $ 1,750 | 2.90% | 3.60% | $ 2,280 | 0.40% | -0.90% |
| 3 | Barrie | $ 1,730 | 4.80% | 10.90% | $ 1,920 | 4.90% | 18.50% |
| 4 | Toronto | $ 1,710 | -5.00% | -18.60% | $ 2,200 | -5.20% | -18.50% |
| 5 | Victoria | $ 1,670 | 4.40% | 4.40% | $ 2,080 | 0.50% | 4.50% |
| 6 | Oshawa | $ 1,590 | 1.30% | 15.20% | $ 1,640 | -0.60% | 7.90% |
| 7 | Kelowna | $ 1,520 | 2.70% | 5.60% | $ 1,890 | 5.00% | 8.00% |
| 8 | Ottawa | $ 1,500 | 1.40% | 3.40% | $ 1,800 | 2.30% | 1.10% |
| 9 | Kitchener | $ 1,450 | 5.10% | 5.80% | $ 1,670 | 4.40% | 4.40% |
| 9 | Hamilton | $ 1,390 | 1.50% | 0.70% | $ 1,700 | 0.00% | 4.90% |
| 11 | Montreal | $ 1,360 | -1.40% | -5.60% | $ 1,800 | 0.60% | 0.00% |
| 12 | Kingston | $ 1,330 | 0.80% | 8.10% | $ 1,520 | -4.40% | 2.70% |
| 12 | Saint Catherine | $ 1,300 | 0.00% | 4.00% | $ 1,600 | 3.20% | 10.30% |
| 14 | Halifax | $ 1,280 | -3.80% | 15.30% | $ 1,680 | -4.00% | 14.30% |
| 15 | Abbotsford | $ 1,270 | -4.50% | 15.50% | $ 1,850 | 2.80% | 15.60% |
| 16 | London | $ 1,260 | 0.80% | 5.90% | $ 1,560 | 1.30% | 12.20% |
| 17 | Calgary | $ 1,130 | 0.90% | 0.00% | $ 1,330 | -1.50% | 1.50% |
| 18 | Windsor | $ 1,080 | -1.80% | 14.90% | $ 1,350 | -3.60% | 18.40% |
| 19 | Winnipeg | $ 1,060 | 1.00% | 6.00% | $ 1,310 | 0.80% | 0.80% |
| 20 | Saskatoon | $ 950 | 2.20% | 4.40% | $ 1,090 | 1.90% | 0.00% |
| 20 | Edmonton | $ 930 | 0.00% | -3.10% | $ 1,190 | 0.80% | -4.80% |
| 22 | Regina | $ 910 | 4.60% | 2.20% | $ 1,090 | 1.90% | 1.90% |
| 23 | St. John’s | $ 880 | 0.00% | 3.50% | $ 960 | 1.10% | 6.70% |
| 24 | Quebec | $ 790 | 5.30% | -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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