Similar to the previous months’ trends, rent prices across Canadian cities have been experiencing mostly rising prices. as we had six cities with falling rents, seventeen with rising rents, and two with no changes since last month (based off one bedroom prices). Prices in the top ten rental markets are mostly up except for Oshawa.
Top 5 Most Expensive Rental Markets
- Vancouver, BC kept its spot as the most expensive city to rent in Canada, as it saw rents for one bedroom apartments rise 1.6% to $1,900, which is the highest it has been since we started creating our Canadian rent reports. Two bedroom units, on the other hand, dipped 0.6% to $3,130.
- Toronto, ON rents continued to rise at fast rates, with prices for one bedrooms spiking up 4.5% to $1,620 this month. Two bedroom units followed the same movement, up 4.6% to $2,060.
- Victoria, BC held onto its position as the third most expensive rental market, as rents for one bedroom units went up a 1.6% to a median of $1,290. Two bedroom prices went the opposite direction, dipping 1.3% to $1,470.
- Montreal, QC saw prices soar up this month. One bedroom and two bedroom prices increased 4.4% and 5% to $1,180 and $1,470, respectively.
- Ottawa, ON finished off the top 5 list. The median rent for a one bedroom apartment jumped 3.8% to $1,080, while two bedroom prices stayed flat at $1,300.
Notable Changes This February
–Kelowna, BC jumped up one spot this month and continued to see growing rent prices. The price of one bedroom units grew 4.1% to $1,020, while two bedroom unit prices grew 5% to $1,470.
–Barrie, ON moved up two spots this month to 6th, with prices for one bedroom apartments up a whopping 5% to $1,050. Rent for two bedroom apartments dipped 2.9% to $1,350.
–Saskatoon, SK rose one rank to secure the 18th spot. One bedroom apartment prices increased by 5% to $840. Two bedroom prices followed suit, up 4.2% to $990.
–Oshawa, ON dropped two spots as it experienced falling rents. One bedroom apartments dipped 3% to $980, while two bedroom apartments had no change.
–Regina, SK fell another two spots this month to rank as the 12th most expensive city. One bedroom prices fell 3.1% to a median of $930, while two bedroom rents decreased a slight 0.9% to $1,160.
–Halifax, NS dropped one spot to 17th, as the price of one bedrooms fell 3.4% to a median of $860. Two bedroom prices, however, rose 0.9% to $1,100.
Full Data Set
|1 Bedroom||2 Bedrooms|
|Pos.||City||Price||M/M %||Price||M/M %|
|9||St. Catharines, ON||$980||2.10%||$1,150||0.90%|
|21||Québec City, QC||$800||0.00%||$1,060||-3.60%|
|23||St. John’s, NL||$760||-1.30%||$840||-1.20%|
The PadMapper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents for the top 25 most populous metro 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.
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