The average cost of rent in major Canadian cities in February 2018 (MAP)
Now that we’re halfway through the second month of the year, it’s safe to say that Toronto is still the most expensive Canadian city when it comes to renting in 2018.
Yay.
Toronto was also the city that experienced the most notable spike in rent this month for its one bedroom apartments, which grew 2%, according to the latest report by PadMapper.
Just like January, Toronto and Vancouver dominated the top two positions as the most expensive rental markets in Canada.
This month, Toronto continues to own the market thanks to its one and two bedroom rents steadily increasing. One bedrooms jumped 2% from $2,020 to $2,060, while two bedrooms saw a similar trend, climbing 1.2% to $2,550.
Rent for one bedrooms in Vancouver surprisingly dropped this month, decreasing 0.5% to $1,990, while two bedrooms stayed flat at $3,200.
Coming in third is Burnaby, BC, where one bedroom prices increased 0.7% to $1,440, while two bedrooms saw a 0.9% drop to $2,130. And according to PadMapper, “on a month to month basis, both bedroom types have rents up over 15% since this time last year.”
PadMapper
For the second month in a row, Montreal comes in at fourth place, with rent continuing to increase. In February, one bedrooms went up 3.1% to $1,350, while two bedrooms jumped 5.1% to $1,660. One bedroom rent in this city is up over 13% since this time last year.
Another Ontario city to make it into the top five is Barrie, which saw one bedroom rent increase 0.8% to $1,270, while two bedrooms dropped 3.1% to $1,560.
Other notable changes this month include Calgary and Ottawa tying for 8th, where both cities saw one bedrooms average $1,100.
And once again, the cheapest city to rent on the list is Windsor, Ontario. But watch out because prices are slowly starting to go up, as rent for a one bedroom increased $10 to $700 this month. (But you might have to dig your way out from time to time.)
PadMapper