Rent prices across Canada were mixed this past month, as we had ten cities with rising prices, nine with falling prices and six with no changes since last month. The recent trend of rental market polarization seems to be continuing, as rents in the top ten rental markets were mostly up, but prices in Vancouver actually cooled off somewhat this past month. Perhaps the recent legislation in Vancouver enacted to lower rents is beginning impact the cities rental market.
Top 5 Most Expensive Rental Markets
1. Vancouver, BC saw rents fall this past month for one bedrooms, as they were down 1.1% to $1820. Prices for two bedrooms, however, were still up, rising 3.7% to $3,030. It is unclear whether the falling one bedroom prices are due to the recently passed legislation or merely seasonality that we frequently see in the rental market as we get into the winter months.
2. Toronto, ON rents continued to climb higher with prices for one bedrooms up by a whopping 4.9% to an even $1,500 this month. Two bedroom units were up 4.4% to $1,900 and are now more costly than a one bedroom apartment in Vancouver.
3. Victoria, BC remained the third most expensive rental market this month, as rents were up 4.3% to $1,220 for one bedroom apartments while prices for two bedroom units rose by 4.1% to $1,520.
4. Montreal, QC moved back ahead of Calgary, returning to its position as the fourth most expensive rental market in Canada. Rents for one bedroom units were up 4.8% to $1,100 while prices for two bedroom apartments moved up 4.3% to $1,440.
5. Calgary, AB slipped one spot this past month to rank as the fifth most expensive rental market. The median price of one bedrooms rose 1.9% to $1,080, while prices for two bedrooms jumped 4% to $1,290.
Notable Changes This October
– Oshawa, ON moved up one spot again, outpacing Ottawa, this past month to become the sixth most expensive rental market. One bedroom rents were up 3.9% to $1,060, while two bedroom rents fell by 1.6% to $1,250.
–Barrie, ON moved up one spot, breaking out of a tie it held last month with two other cities. Prices for one bedroom apartments in Barrie were up 3.2% to $980 and two bedroom units saw an increase of 4.6% to $1,380.
– Kingston, ON rose three spots this past month as rents climbed 3.3% to $930 for one bedroom units while two bedroom unit prices were up a modest 1% to $1,050.
– Ottawa, ON fell one spot this past month as one bedroom rents were down 2.9% to an even $1,000 and the price for two bedroom remained unchanged at $1,300.
– Kitchener, ON saw rents fall this past month as prices for one bedroom units dropped by 2.1% to $950. The price for two bedroom units, however, still were up, rising 1.8% to $1,140.
–Edmonton, AB slipped four spots this past month, down into a tie for the 14th most expensive rental market. One bedroom units decreased 3.2% to $920 and two bedroom prices dropped 3.3% to $1,160.
Enter cities in the search box to explore the table. Data taken from active listing in November 2016.
|1 Bedroom||2 Bedrooms|
|Pos.||+/-||City||Price||M/M %||Price||M/M %|
|14||-1||St. Catharines, ON||$920||-2.1%||$1,140||0.9%|
|20||-1||Qubec City, QC||$800||0.0%||$1,080||-1.8%|
|23||0||St. John's, NL||$770||0.0%||$860||2.4%|
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.