As we move into the summer months, the cost of rent across Canada is both heating up and cooling down — depending on the region.
This month, according to Padmapper, 13 cities saw an upward trend in the average cost of rent this month, while 12 decreased, and 3 remained flat.
This month, Toronto took the top spot for the most expensive rent in the country.
In July, the cost of one-bedroom suites in Toronto increased a slight 0.5% to $2,080, while two bedrooms grew 2.6% to $2,800.
Vancouver — the other top contender for the priciest city — fell one spot to rank in second place as one bedrooms dropped 4.3% to $2,000. Two bedrooms also saw a decline, dropping 1.5% to $3,200.
Burnaby, BC, remained in third place as two bedrooms increased 3.7% to $2,260. Padmapper notes that on a year over year basis, two bedrooms rates in Burnaby are up 15.9%.
Back in Ontario, the average cost of rent in Barrie stayed in fourth place. One bedroom prices rose 1.5% to $1,350 and two bedrooms climbed up 1.3% to $1,590.
And, once again, the fifth most expensive city this month is Montreal, which saw a growth in one-bedroom properties by 4.8% to $1,310 and two-bedrooms rose 5.2% to $1,620.
The largest monthly growth rate in the nation took place in Kitchener, Ontario, as one-bedroom rent shot up 4.8% to $1,130.
This month, the battle for the cheapest rent once again went to Saguenay, Quebec where rent for a one-bedroom will only cost you a cool $700.
- The average cost of rent in major Canadian cities in June 2018 (MAP)
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- National average home cost not enough to buy 3 bedroom in most major cities
- Montreal's luxury home sales soar, while Vancouver, Toronto, and Calgary plunge: report