The average cost of rent in Canadian cities for January (MAP)

Jan 15 2020, 12:59 pm

While 2020 gets underway, there seems to be no end in sight for the high cost of rent in Canada’s largest cities.

Overall, five cities saw a rise in rental costs, six saw a downward trend and 13 remained flat, according to the latest report from PadMapper.

“There were still at least 10 cities experiencing double-digit year over year rental growth rates,” notes PadMapper. “Though that number has come down considerably from the summer months.”

PadMapper

While the top three most expensive Canadian rent cities remained the same compared to last month, Montreal bumped off Victoria for fourth and Barrie jumped up a spot to fifth.

Once again, Toronto took the top spot for the most expensive rent in the country. One bedrooms stayed flat at $2,300 and two-bedroom spots dropped 1.7% to $2,950.

Vancouver remained in second place with one bedrooms dropping to $2,150. Two bedrooms dropped 1% to an even $3,000.

Burnaby, BC, remained in third place with rent increasing 1.8% to $1,730 and two bedrooms remaining at $2,350.

Montreal moved up to fourth place with one bedrooms increasing 3.3% to $1,550 and two-bedroom spots falling by $10 to $1,940.

Barrie capped off the top five with one-bedroom rent increasing by 4.8% to $1,530 and two bedrooms jumping up 3% to $1,610.

In terms of monthly changes, London had the fastest-growing rent, up 5.4%, while Abbotsford saw the biggest rent dip, falling 4.6%.

The cheapest rent in Canada this month can be found in St. John’s, Newfoundland, where one-bedroom rent costs $810 and a two bedroom goes for an average of $860.