Canadian Rent Report

Canadian Rent Report

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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