For the second month in a row, Canada’s rental market saw little change, according to the August rent report from PadMapper.
Only five cities experienced an upward trend with monthly rents, four saw a downward trend, and 15 remained stable.
“Meanwhile, year over year growth rates told a different story as 11 cities experienced large, double digit growth rates,” said PadMapper.
“This suggests that while the Canadian market overall has gotten much more expensive in the past year, it seems either a price ceiling may have been hit in a lot of these cities, since they aren’t growing as much month on month, or the demand is finally beginning to taper off.”
The top five priciest markets in Canda remained unchanged from last month.
Once again, Toronto took the top spot for the most expensive rent in the country. One bedroom rents were up $10 to $2,300 — surpassing last month’s record of $2,290. Two bedrooms remained flat at $2,850.
In Vancouver, one bedroom rents remained flat at $2,220. Two bedrooms dropped 3.4% to $3,090. According to Padmapper, the cost of a one bedroom is up 10% since the same time last year.
One bedroom rents in Burnaby, BC remained flat at $1,570. Two bedrooms dipped 1.7% to $2,280.
Barrie, Ontario remained the fourth most expensive city in Canada. One and two bedroom rent remained stable at $1,450 and $1,550, respectively.
Montreal comes in fifth with rents for one and two bedrooms remaining the same as last month at $1,430 and $1,710, respectively. PadMapper notes that one bedroom rent has increased by 8.3% since the same time last year.
This month, PadMapper focused more on year over year changes as monthly growth rates were mostly flat.
Kitchener, Ontario, had the largest year over year growth rate as one bedroom rents increased by 15.9% to $1,310. Two bedrooms also saw a significant 8.7% to $1,500.
Rent in Québec, QC, had the largest year over year decline with one bedrooms falling 11% to $810. Two bedrooms decreased by 8.4% to $980.