The average cost of rent in major Canadian cities in April 2018 (MAP)

Apr 18 2018, 12:57 am

Four months into 2018, and Toronto and Vancouver continue to fight for first place when it comes to the cost of rent.

After Vancouver climbed to the top spot in March, April sees Toronto reclaim its position as the most expensive city for rent in Canada, according to the latest monthly rental report from PadMapper.

This month, 15 of the cities in the report saw a rental increase, 6 cities experienced a downward trend, and 5 stayed flat.

Toronto dominated April’s rental prices, as the price of a one bedroom rental grew 3.6% to $2,040, while two bedrooms spiked even more, increasing 4.8% to $2,620.

Meanwhile, last month’s one bedroom champ, Vancouver has become the second most expensive rental market in Canada because one bedrooms increased only slightly by 0.5% to $2,010, while two bedrooms grew 1.6% to $3,200.

Similar to March, Burnaby, BC, remained in third place, with one bedroom rent jumping 4.9% to $1,490. This was the largest increase in the top 10 markets. Two bedrooms climbed from 4.4% to $2,130.

PadMapper April 2018

PadMapper/ April 2018

Fourth and fifth place go to Barrie and Montreal, respectively. Barrie, Ontario, moved up one spot from last month as one bedroom rent grew 4.7% to $1,330 and two bedrooms increased 3.3% to $1,580.

Montreal, Quebec, fell one spot behind Barrie, with one bedroom rent dropping 1.5% to $1,280, and two bedrooms falling 4.4% to $1,510.

PadMapper April 2018

PadMapper/ April 2018

Saguenay, Quebec, has taken Windsor’s spot as the cheapest city to rent in Canada as the cost for a one bedroom dropped 4.2% to $690. A two bedroom suite will cost you $750, which seems like more than a steal compared to Vancouver and Toronto.

So if you want to save those dolla bills, you’d better pack your bags and head to Saguenay.

See also
Daily Hive StaffDaily Hive Staff

+ News
+ Real Estate
+ Urbanized