As the calendar switches to warmer tides, PadMapper is reporting that renters throughout the country are starting to think about their moves again as Canada begins to reopen.
According to PadMapper’s latest report, Canada’s two highest rent spots, Toronto and Vancouver, “hit another record month of declines” as a result of the pandemic.
Overall across Canada, six cities were on an upward trajectory last month, while seven others were headed downward and eleven remained flat.
“As the pandemic persists on and working from home has become the new normal, it seems the demand for rentals has shifted away from the most pricey areas, like Toronto and Vancouver, and a significant amount of that demand is moving toward neighboring, less expensive areas, like Barrie and Burnaby,” states PadMapper. “Renters are now prioritizing affordability and space over paying more for big city amenities, most of which they can’t use currently.”
Once again, Toronto took the top spot for the most expensive rent in the country even though rents continued to be “down on all fronts,” with one-bedroom rent decreasing 3.7% to $2,100 and two-bedrooms dropping 3.6% to $2,700.
Vancouver remained in second place with one-bedrooms remaining at $2,070 and two-bedrooms at $2,870.
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Burnaby, BC, remained in third place with one-bedroom rent at $1,690 and two-bedroom remaining at $2,330.
Victoria snuck into fourth most expensive, at $1,600 for a one-bedroom and $1,990 for a two-bedroom spot.
Barrie rounded off the top markets with one-bedroom rent growing 4.7% to $1,560, while two-bedrooms increased 1.9% to $1,620.
The cheapest rent in Canada this month can be found in St. John’s, Newfoundland, where one-bedroom rent costs a cool $850 with two-bedrooms going for an average of $900, even.