More than half of Canada’s major cities experienced rising costs for rentals in June.
Fourteen out of 25 cities saw positive growth rates in rents, according to the latest report by PadMapper. Six cities saw a decrease in cost, while five remained unchanged in median price for one bedroom apartments.
Vancouver and Toronto continue to dominate the top 5 most expensive rental markets in Canada. Vancouver has steadily kept its number one ranking, and saw a 0.5% price increase for one bedroom units raising its cost to $1,950. Interestingly enough, prices for two bedrooms declined by 2.8% and is now an average of $3,150.
Like Vancouver, Toronto continues to hold its second position this month, with rental prices rising for both one and two bedrooms in the city. Averaging $1,790, one bedrooms hiked up 2.3%, while two bedrooms are up 2.2% to $2,300 per month.
For the second month in a row, Victoria has come in third place, even with its rent continuing to decline. One bedrooms in BC’s capital city went down by 4.8% to $1,180, while two bedrooms dropped to $1,400, down 3.4%.
Montreal lost its position in the top five to Barrie, Ontario, which has been experiencing a growth in its rental market and was fifth on May’s list. June saw rent grow 4.5% in Barrie, to $1,150 for a one bedroom and 1.4% to $1,410 for a two bedroom in the college town. And just like Barrie, Ottawa experienced growth placing it in the top five most expensive cities in Canada right now.
Moving out of the top five, Montreal now sits at number six due to a major decrease in its rentals. The city saw a 5.3% decrease in one bedrooms, dropping the cost down to $1,080. Meanwhile, Calgary moved up two spots to seventh because of a 4% increase for one bedrooms, which is now averaging $1,050.
Reigning favourite Saguenay, Quebec, still remains one of the cheapest cities for rent across Canada, with its two bedroom average cost rising to $710 — which is a little cheaper than this Parkdale apartment in Toronto, which basically includes the bathroom, with no walls/doors/separation, in the bedroom.
And for fans of the Canadian Prairies, you can have your own little house on the Prairies for $800 a month. Rent in Saskatoon dropped by 4.8%, and the city is now one of the cheapest in Canada.
So, hey, Saskatoon, anyone?
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