Overall, 18 cities experienced an upward trend last month, 5 downward, and 1 remained flat. Although we are entering the slower moving months, it seems Canada’s rental market is staying hot as over half of all cities saw double digit, year-over-year growth rates and three-quarters of all cities saw one bedroom rents on an incline.
The top two cities, Toronto and Vancouver, were in line with the general upwards trend with one bedroom prices in both cities growing last month. Meanwhile, Kingston one bedroom rent experienced the largest growth rate in the nation, climbing 5.1%, while Windsor saw the biggest rent dip, down 3.5%.
Top 5 Most Expensive Markets
- Toronto, ON saw one bedroom rent grow 2.2% to $2,350, while two bedrooms stayed flat at $3,000.
- Vancouver, BC one bedroom rent experienced an upward trend, increasing 1.4% to $2,200. Two bedrooms, on the other hand, fell 1.2% to $3,190.
- Burnaby, BC was 3rd with one bedroom rent climbing 1.2% to $1,750 and two bedrooms growing 1.3% to $2,330. Notably, on a year over year basis, one bedroom rent is up over 10%.
- Montréal, QC remained 4th, though one bedroom rent dropped 0.6% to $1,530. Two bedrooms increased 3.2% to $1,950.
- Victoria, BC one bedroom rent had the largest monthly growth rate in the top 10 markets, jumping 4.8%, to settle at $1,520. Two bedrooms, however, were on a decline, dropping 3.5% to $1,660.
–Kingston, ON, ranking as the 13th priciest city in the nation, saw it’s one bedroom rent jump 5.1%, which was the largest monthly growth rate in the nation, to $1,230. Two bedrooms had a more modest growth rate, increasing 2% to $1,530.
–St. Catharines, ON was the 12th most expensive market with one bedroom rent climbing 5% last month to $1,260. On a year over year basis, one bedroom rent in this city is also up over 15%.
–Oshawa, ON moved up 1 spot, and into the top 10 markets, as 10th with one bedroom rent growing 4.8% to $1,300.
–Windsor, ON ranked as the 23rd most expensive city with one bedroom rent falling 3.5%, which was the biggest monthly decline in the nation, to settle at $820.
–Barrie, ON dropped 1 spot to become the 7th priciest city. One bedroom rent dipped 2.8% to $1,390.
–St. John’s, NB saw one bedroom rent decrease 2.5% to $780 and remain the most affordable city in the nation.