There’s good news and bad news when it comes to the latest Canadian rental market report.
The bad news is, major cities across the country continue to experience rent increases, according to the report by PadMapper.
Leading May’s most expensive rental market is Vancouver, where apartment prices rose by 2.1% to a median of $1,750, and two bedrooms rose to $3,240, a 1.3% spike from last month.
To no one’s surprise, Toronto comes in second place, the city which experienced rent a 15% rent increase over the past year. According to PadMappers, although generally Toronto is experiencing falling prices, with one bedroom units dropping 1.7% to an average of $1,750 and two bedrooms dropping 0.9% to $2,250, the 6ix still saw a massive jump in rent increase overall.
The good news is Victoria, BC, and Montreal have both dropped in prices. For those on the coastal city of Victoria, the provincial capital remains in third place, as it did last month. But with that said, prices have fallen by 5.3% for one bedrooms, which averages $1,240. And on the East Coast, Montreal has also plummeted by 5%, with a one bedroom costing $1,140.
In Calgary, the price of one bedroom units fell 1% to a median of $1,010, while two bedroom units grew 0.8% to $1,260.
Our favourite Quebec city, Saguenay, still remains one of the cheapest cities for rent across Canada, with its two bedroom average cost rising to $690 — basically the cost of renting a room with no windows (aka a closet) in Toronto or Vancouver.
Of note, Ontario’s very own Windsor sank in its rental market this month, falling 5.1% for one bedrooms which now cost about $740, while its two bedrooms dropped 4.5% to $850.
So at least you know there’s always a place for you… in Windsor.