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

Nov 13 2019, 12:16 pm

Several cities across Canada saw an upward trend in the cost of rent in November, according to the latest report from PadMapper.

Overall, 18 cities experienced a rise in rental costs, five saw a downward trend, and one remained flat.

“Although we are entering the slower moving months, it seems Canada’s rental market is staying hot as over half of all cities saw double digit, year-over-year growth rates and three-quarters of all cities saw one bedroom rents on an incline,” notes PadMapper.

The top five priciest markets in Canada remained unchanged from last month.

cost of rent

PadMapper

Once again, Toronto took the top spot for the most expensive rent in the country. One bedroom rent grew 2.2% to $2,350, while two bedrooms stayed flat at $3,000.

In Vancouver, one bedroom rent saw a 1.4% increase to $2,200 and two bedrooms fell  1.2% to $3,190.

Burnaby, BC, saw one bedroom rent climb 1.2% to $1,750 and two bedrooms increased 1.3% to $2,330. PadMapper notes that on a year over year basis, one bedroom rent is up 10% in the city.

Montreal stayed idle at fourth place with one bedroom rent dropping 0.6% to $1,530. Two bedrooms jumped 3.2% to $1,950.

Victoria, BC rounded off the top five markets with one bedroom rent jumping  4.8% to $1,520. This was the largest monthly growth rate in the top 10 markets. Two bedrooms in the city declined, and saw a 3.5% drop to $1,660.

The cheapest rent in Canada this month can be found in St. John’s, Newfoundland, where one bedroom rent costs $780 and a two bedroom goes for an average of $900.