The holiday season is here, and if you’re hoping that keys to a new place will be under your Christmas tree, you could be in for a surprise as some rental markets in Canada are cooling off.
This month, according to Padmapper, 11 Canadian cities saw an upward trend, nine decreased, and four remained flat.
The top five priciest markets in Canada remained, nearly unchanged from last month.
Once again, Toronto took the top spot for the most expensive rent in the country. One bedroom rent increased 1.8% to $2,260 and two bedrooms increased slightly by 0.7% to $2,850. Two bedroom rent in the city is up 15.9% since this time last year.
Vancouver is the second most expensive city in Canada. But renters should note that one bedroom prices decreased 0.5% to $2,100, and two bedrooms also dropped 0.3% to $3,150.
Burnaby, BC, stayed put as the third priciest city in Canada, despite one bedroom rent falling 0.6% to $1,570. Two bedrooms saw a slight increase, growing 0.4% to $2,260.
In fourth place, Montreal’s one-bedroom rent grew 1.4% to $1,450, and two bedrooms dropped 2.2% to $1,780.
Victoria, BC, was this month’s new addition to the top-five priciest cities in Canada with one bedroom rent jumping 5.3% to $1,390, while two bedrooms grew 4.9% to $1,510.
This month, Abbotsford, BC, saw the largest monthly one bedroom rental growth rate in the country, with a 5.6% increase, bringing prices to $950. Two bedroom prices also increased by 1.9% to $1,080.
The battle for the cheapest one-bedroom rent in the country once again goes to Windsor, Ontario, where you can you can rent a single-room suite for a cool $740 per month.
And if you’re interested in a two-bedroom place, head to St. John’s, Newfoundland, where prices are as low as $890.
Now that’s a steal.