The overall trend in Canada this past month appears to be moderate to significant increases in rent prices across the nation. However, there seems to a be a degree of polarization in the rental market, as rents in many of Canada’s most expensive cities continue to rise significantly while those at the lower end of the spectrum have seen rents trend lower.
Top 5 Most Expensive Rental Markets
1. Vancouver, BC saw rents take off again this month, as two bedrooms rose by 4.5% to $2,800 and one bedroom units increased by 2.9% to $1,800.
2. Toronto, ON one bedroom units rose significantly this past month, up 4.6% to $1,370, and the two bedroom units saw even greater increases as the median price rose 4.8% to $1,760.
3. Victoria, BC held its place as the third most expensive rental market in Canada, as rents for one bedroom units were up 4.6% to $1,130 and prices for two bedroom units settled at $1,380, an increase of 4.5% from the prior month.
4. Montreal, QC became the fourth most expensive city for Canadian renters after another month of rising prices. Specifically, one bedroom units grew 3.9% to a median price of $1,070 and two bedrooms grew 4.5% to $1,380.
5. Calgary, AB continued to slide down our list of most expensive rental markets, thanks to the -0.9% and -2.4% decrease in the median price of one and two bedroom units, respectively. Despite this, the city still commands $1,050 for a one bedroom and $1,230 for a two bedroom apartment.
Notable Changes This October
–Oshawa, ON rose three spots into a tie for the eighth most expensive rental market, it’s first time in the top ten. Rents for one bedroom apartments in Oshawa were up 4.8% to $980 and two bedroom units saw increased of 2.5%.
–Hamilton, ON also rose three spots, tying with Edmonton and Kitchener for the tenth most expensive rental market in Canada. Rents were up 2.7% for one bedroom apartments to $950, while the prices for two bedroom apartments remained flat at $1,100 .
– Kitchener, ON rose six spots into a tie for the tenth most expensive rental market, another city seeing its first time among the most expensive rental markets. Rents for one bedroom units were up 4.4% to $950 and two bedroom apartments saw an increase of 4.3% in the median price to $1,080.
– Halifax, NS fell four spots, dropping to the fourteenth most expensive rental market as prices for one bedrooms fell 2.1% to $920, although prices for two bedroom units increased by 1.7% to $1,200.
– Kingston, ON slipped by two spots, falling from the fourteenth to the sixteenth most expensive rental market. Prices for one bedrooms were down 2.2% to $900 and prices for two bedroom units were down by 1.9% to $1,010.
– Windsor, ON was down three spots, as one bedroom prices fell significantly, dropping 4.9% to $770. Rents for two bedrooms were also down, falling 2.2% to $980. Rents across Ontario seem to be mixed as some cities are seeing rises in prices, while prices in cities like Windsor are dropping.
Enter cities in the search box to explore the table. All data taken from every active listing in September 2016.
|1 Bedroom||2 Bedrooms|
|Pos.||+/-||City||Price||M/M %||Price||M/M %|
|13||-1||St. Catharines, ON||$930||0.0%||$1,150||-0.9%|
|20||1||Qubec City, QC||$800||0.0%||$1,080||0.0%|
|20||3||St. John's, NL||$800||1.3%||$840||0.0%|
The PadMapper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country on PadMapper. 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.