As we make our way through the second month of the year, PadMapper is reporting that the average monthly rent in the two most expensive Canadian cities is continuing to drop.
According to PadMapper’s latest report, “one-bedroom rents in Vancouver and Toronto have reached their lowest points in nearly 4 years.”
Vancouver, which is still ranked as the country’s most expensive city for rent, saw a 0.5% dip in its one-bedroom rents, putting the average price at $1,940. Two-bedrooms in the city fell 0.8% to $2,630.
Toronto saw an even more significant decline, with one-bedrooms going down another 3.3% to $1,770 — a year-over-year decline of 23% — and two-bedrooms dropping 5.3% to $2,340.
Burnaby and Barrie both saw rental price increases, with Barrie now having ousted Victoria for fourth place on PadMapper’s top 10 list of the most expensive rent for one-bedrooms.
Hamilton dropped down to the last place on the list, with Montreal moving up to ninth.
According to the report, “the large rent price growth rates that we saw for the less expensive cities over the past few months have tapered off, as only 4 cities experienced double-digit year-over-year spikes in this report.”
Those four cities are Halifax, Nova Scotia; Abbotsford, British Columbia; Windsor, Ontario; and Québec, Québec.
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Windsor and Halifax, along with Kitchener, Ontario, saw the most considerable growth over the past month. Windsor one-bedrooms had the most significant monthly growth rate in the country, going up 5.9%.
Abbotsford, despite having one of the largest year-over-year growths, actually saw some one-bedroom rental price decline over the mast month, with rents going down by 5.3%.
Québec and Oshawa, Ontario also took noticeable dips in their one-bedrooms over the past month, going down 5.4% and 3.6%, respectively.
The cheapest rent in Canada can still be found in St John’s, Newfoundland, where a one-bedroom will run you roughly $850 and a two-bedroom just $920.