As the year nears its end, there seems to be no end in sight for the high cost of rent across Canada.
Although the Canadian rental market had a fairly stable month, eight of 25 cities experienced a hike in December compared to last month.
The top 10 markets continue to have the largest year over year changes in the country, with growth of over 10%, according to the latest report by PadMapper.
Just like the past several months, Vancouver and Toronto dominate the top two positions as the most expensive rental markets in Canada.
As the most expensive rental city in the country, Vancouver’s median for a one bedroom surprisingly fell below the $2,000 mark this month, and now costs $1,990 compared to November’s $2,080. (However, in comparison to November 2016, rent has gone up 10.6% for a one bedroom.) A two bedroom in Vancouver also decreased in cost by 3.1% and now rents for $3,100.
In Toronto, rent prices went up by 2.6% for a one bedroom, which now averages $1,970 – just $20 shy of Vancouver’s average. Two bedrooms are up slightly by 0.8% to $2,460, but this number is up 14.6% since this time last year.
Remaining steady in third place is Barrie, Ontario, which saw one and two bedrooms increase 15% since this time last year. This month, one bedroom rentals fell 1.6% to $1,270, while two bedrooms grew 5.1% to $1,650.
Tying with Barrie for third is Montreal, which bumped up a position from last month. One bedrooms in this city grew 2.4% to $1,270, while two bedrooms fell 3.8% to $1,540. And since this time last year, one bedroom rent saw a spike of 15.5%.
Back on the west coast, Victoria, BC, take fifth place with one bedrooms dropping 4% to $1,210, and two bedrooms seeing prices fall 5.1% to settle at $1,490.
Calgary saw a slight increase overall, and went down one spot to 8th with its $1,040 a month cost for a one bedroom.
The cheapest city to rent on the list remains Windsor, Ontario, but watch out because prices are going up! The city saw a rent increase of $20 for one-bedrooms, which now go for $690.
Yes, even Windsor is seeing rent prices increasing…