Similar to December 2016, rent prices across Canada continued to see mixed trends this month, as we had ten cities with falling rents, twelve with rising rents, and three with no changes since last month. Prices in the top ten rental markets reflect this recurring theme as well, with about a little more than half of those markets with growing rents.
Top 5 Most Expensive Rental Markets
1. Vancouver, BC saw rents for both one and two bedrooms rise this month. The price of one bedroom units increased 3.9% to a median of $1,870, while two bedroom units jumped 4% to $3,150.
2. Toronto, ON rents continued to grow, with prices for one bedrooms up 3.3% to $1,550 this month. Two bedroom units increased 3.7% to $1,970. Rent prices here have made some pretty significant jumps in the past 3 months.
3. Victoria, BC held onto its position as the third most expensive rental market, with the price of one bedroom units up a notable 4.1% to a median of $1,270. Two bedroom units, on the other hand, saw prices fall 2% to $1,490.
4. Montreal, QC saw mixed trends for one and two bedroom units. One bedroom rent prices grew 2.7% to a median of $1,130, while two bedroom prices fell 2.8% to an even $1,400 this month.
5. Calgary, AB was the only city in the top 5 markets to have one bedroom prices drop this month. Rents for one bedroom units fell 3.7% to $1,040, while two bedroom units also dipped a slight 0.8% to $1,280.
5. Ottawa, ON jumped two spots this month, now tied with Calgary as the 5th most expensive city to rent. One bedroom prices jumped 4% to a median of $1,040, while two bedroom prices remained flat at $1,300.
Notable Changes This January
–Barrie, ON continued to see growing rent prices this month, jumping one spot, and ahead of Regina, to become the 8th most expensive city to rent. The price of one bedroom units grew 2% to an even $1,000, while two bedroom units increased 0.7% to $1,390.
–Kelowna, BC rose a spot this month, with prices for both one and two bedroom units increasing. Rents for one bedroom units jumped 2.1% to a median of $980, while two bedroom units rose 1.4% to $1,400.
–St. Catharines, ON rose four rankings and into the top 10 markets this month. The price of one bedroom units leaped a whopping 4.3%, which was the fastest growing of all the cities, to a median of $960. The price of two bedroom units remained flat at $1,140.
–Oshawa, ON had the biggest decline in one bedroom prices this month, slipping behind Ottawa and Calgary to become the 7th most expensive rental market. The price of one bedroom units dropped 4.7% to a median of $1,010, while two bedroom units remained flat at $1,250.
–Regina, SK fell two spots this month, now tied with St. Catharines as the 10th priciest city to rent. One bedroom prices fell 3% to a median of $960, while two bedroom rents decreased a slight 0.9% to $1,150.
–Kitchener, ON dropped three spots, as the price of one bedrooms here fell 4.2% to a median of $910. Two bedrooms, on the other hand, saw slight uptick in median rent, with prices up 0.9% to $1,150.
|Pos.||City||Price||M/M %||Price||M/M %|
|10||St. Catharines, ON||$960||4.30%||$1,140||0.00%|
|19||Québec City, QC||$800||0.00%||$1,100||1.90%|
|23||St. John's, NL||$770||0.00%||$850||-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.